Good News In These Grim Times:
ATLANTA, March 26 /PRNewswire/ -- Ames Taping Tools, the world's leader in the design, manufacture and distribution of automatic taping and finishing tools, announced it has completed its financial restructuring and successfully emerged from Chapter 11.
"Our company faced unprecedented challenges with the residential and commercial construction decline since 2006," says Peter Alexander of Ames. "The financial restructuring allowed Ames to emerge with a stronger balance sheet, enhanced liquidity, and a streamlined cost structure. The New Ames will continue its heritage of product innovation and close customer relationships, while working to create new product lines and cost effective solutions for the drywall industry."
Ames also announced a new Board of Directors drawing upon a wide range of skills and background: William T. Allen, Chairman, CEO and President of Werner Company, David Gilchrist, President and CEO of Robert Family Holdings, Steven Kunkel, Managing Director of AEG Partners, Christopher S. Brothers, Managing Director of Saybrook Capital, Philip Raygorodetsky, Senior Managing Partner of GSC Group, Mark C. Hardy, Partner of Aurora Capital Group, and Peter Alexander, Turnaround Consultant and former CEO of ORCO Construction Supply.
Ames, owned by Axia Acquisition Corp., is the #1 designer, manufacturer, marketer and distributor of Automatic Taping and Finishing (ATF) tools used by residential and commercial interior drywall contractors to finish drywall joints prior to painting, wallpapering or other forms of final treatment. Ames invented ATF tools and today is the leader in the ATF tool rental and sold market industry. Ames was founded over 70 years ago in California and is now headquartered in Atlanta, Georgia.
Ames' principal business is the rental and service of its fleet of ATF tools through its network of Company-managed stores, franchised locations and rental stations located in over 100 markets throughout the US and Canada. Ames' Company-managed stores also sell a variety of merchandise including branded and Ames private label hand-finishing drywall tools, supplies and accessories. Distinct from its ATF tool rental business, Ames also sells ATF tools in the US, Canada and Internationally under the TapeTech ® brand name, through over 300 independent distributors and dealers.
Peter Alexander - Chief Restructuring Advisor
Drew Garner – Chief Financial Officer
SOURCE Ames Taping Tools