Elkcorp (NYSE:ELK)
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ElkCorp's (NYSE:ELK) subsidiary, Elk Slate Products,
Inc., announced it has completed the acquisition of SlateDirect, L.P.,
a privately held manufacturer of TruSlate(TM), a patented slate
roofing system. The company intends to continue operations at the
SlateDirect facilities in San Antonio. Additional details of the
transaction were not disclosed.
SlateDirect is a natural addition to the Elk family because of the
innovative nature of the company. TruSlate offers many advantages over
traditional slate and, on a total installed basis, is priced
competitively with synthetic slate products. Now for the same cost as
a synthetic, TruSlate offers the real thing.
On a traditional slate roof, a significant portion of the tile is
hidden under the course above and is essentially wasted. The TruSlate
roofing system eliminates the need for overlapping due to its
patent-pending hanger system that is invisible on the roof. Removing
the excess weight eliminates the need for a reinforced structure which
is a significant cost savings to the homeowner.
"This acquisition is in line with our strategy to acquire
innovative companies that enhance our current product platforms and
provide customers with a more complete offering of high-quality
building products," said Thomas Karol, chairman and chief executive
officer of ElkCorp. "We have always focused on providing consumers
with high-quality products that are innovative. TruSlate offers these
at a value that will enable more homeowners to enjoy the beauty of a
slate roof. TruSlate will fit into our hybrid category of products
focusing on utilizing technology to provide more environmentally
friendly products using fewer natural resources."
Mr. Karol concluded, "In the past few months, we have solidified
our commitment to our hybrid line with the addition of TruSlate and
with the opening of our new VersaShield(R) XP(TM) Hybrid Products
Manufacturing and Master Distribution Center in Waxahachie, Texas. We
will continue to enhance our hybrid line of products and explore
opportunities to provide more environmentally friendly products."
About ElkCorp:
ElkCorp, through its subsidiaries, manufactures Elk(TM) brand
premium roofing and decking products and provides technologically
advanced products and services to other industries. Its common stock
is listed on the New York Stock Exchange (NYSE:ELK). See
www.elkcorp.com for more information.