Aug. 28--CRH, an international building materials group, has acquired Vernon-based glazing products manufacturer C.R. Laurence Co. Inc. for $1.3 billion.
C.R. Laurence is North America's leading supplier to the glass and glazing industry, making and distributing products such as glass installation tools and architectural hardware for commercial and residential markets.
CRH's Oldcastle BuildingEnvelope supplies products such as architectural glass, primarily for commercial projects. The company is based in Dublin, Ireland.
"It's a very synergistic combination," said Lloyd Greif, chief executive of investment bank Greif Co., which represented C.R. Laurence in the transaction.
C.R. Laurence is a longtime family-owned business, and Chief Executive Donald Friese started with the company in 1961 as a laborer before rising through the ranks to the top position. The firm has more than 1,600 employees and 42 locations around the world.
After the deal, Friese will remain as CEO and the company's headquarters will stay in Vernon, Greif said. He said no jobs will be lost at C.R. Laurence.
Friese "took great care to make sure all of his employees and his customers and his suppliers would be in good hands. And I think this combination does just that," Greif said.
The cash deal, which is subject to regulatory approval, is expected to close in early September.
UPDATE
1:33 p.m.: This story has been updated to reflect a correction in the tenure of the company's chief executive.
