The senior management team of Expanko Cork Co. said it has recently completed the buyout of the 62 year-old cork products and flooring manufacturer. The team purchased the remaining shares in the company from former owner and president David McKee and his family. He and his wife Judy were the majority stockholders. McKee, who helped build the Coatesville, Pa.-based company with his father, retired last year.

Randy Gillespie, who oversees sales and marketing in the company, said the buyout was a necessary step to keep the company growing. “With an aggressive business and marketing plan in place, the management team needed total fiscal control,” he told NFT. “Growth will be accomplished through product introductions, improvement in product representation at the architectural/design level and increased inventory levels.”

Along with Gillespie, the management team includes Paul DeJuliis, CEO; and Chuck Wilson, CFO. Gillespie noted that in the past seven years, the focus of the business has shifted from “standard” cork products to environmentally friendly commercial flooring options. This includes Expanko’s cork rubber flooring product, XCR4. However, he added that the company will also continue to produce standard materials, including granulated cork, acoustical underlayment, expansion join material and custom shapes.