VPI's floor division is sold
February 2, 2005
Sheboygan, Wis.-based VPI, said it has sold its 50-year old floor products division to a group that includes the general manager who ran the division, Jeremy Williams. The sale is the last piece of a divestment at VPI that has seen the company sell off its five operating units. In addition to Williams, who will serve as executive vice president and COO, the division was acquired by R. Steven Martin, who will serve as president and CEO, and Robert Mac Pherson, who has been named executive vice president and CFO. The company will be known as VPI Corp. Both Martin and Mac Pherson had previously served in the same respective roles at Tone Brothers Spice Co. in Ankeny, Iowa. "VPI has tremendous brand equity in the industry, a market leadership position in static control tile, an excellent, established distribution network, and a systems infrastructure typically found only in much larger companies." said Martin.