One of the oldest and most well-known businesses in Mount Airy is changing hands.
North Carolina Granite, a locally owned firm mining and producing the iconic white Mount Airy granite since it’s founding in 1889, is being acquired by the Canadian firm Polycor Inc.
The two firms jointly announced the agreement Thursday morning.
Polycor, founded in 1989, is owned by the Canadian equity investment firm Torquest, and owns 50 quarry and 20 manufacturing facilities throughout North America and Europe. The company employees around 1,100 people companywide.
North Carolina Granite employs close to 100 people, and while officials with Polycor did not immediately respond to questions regarding how the purchase might affect those jobs, one local official said he does not anticipate any changes in personnel numbers.
“It will not affect local operations, that’s my understanding,” said Todd Tucker, president of Surry Economic Development Partnership. “They don’t plan initially any job losses, anything negative,” he said. Tucker said his organization learned of the transaction a couple of days earlier in the week, and in speaking with the parties involved, he said the companies indicated no expected changes in job numbers related to the purchase.
North Carolina granite is widely known throughout the building and stone industry, as well as being a tourist attraction with the largest open-face quarry in the world. Its white granite has been used in a number of national monuments.
“Founded in 1889, NCGC is recognized by architects and other industry stakeholders for its high-quality White Mount Airy Granite,” both companies said in a statement issued Thursday. “This stone is famous throughout the industry for being one of the brightest, most uniform and highest quality white granites in the world.”
“For over 125 years, we have operated as an independent company, and have an exceptional reputation in the marketplace and in the community which we operate,” said William Swift, CEO of North Carolina Granite. “We are very pleased to join forces with Polycor, a company that shares our values and passion for natural stone, and which has a leading position in the global natural stone industry. We are excited to work together to continue growing our businesses and provide opportunities for our hard-working and dedicated employees.”
“The acquisition of NCGC is yet another important strategic milestone for Polycor as we continue to expand our geographic footprint, and further strengthen our portfolio of worldclass natural stones,” said Patrick Perus, CEO of Polycor Inc. “This is truly an exciting time for us as our business continues to grow, both organically and through acquisition. We are very excited to bring NCGC’s tremendous resources, expertise, and talented employees to the Polycor family. This acquisition further underscores our firm commitment to be the leaders in ethically quarried stone.”
Terms of the sale were not disclosed. Polycorp said it expected to close on the deal before the end of the year.
Source: https://www.mtairynews.com
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