PIP Acquires Georgia Glove Maker
Dec 9, 2016 • News & EventsRobin K. Cooper, Albany Business Review
Joe Milot is president Protective Industrial Products in Latham, New York. - © DONNA ABBOTT VLAHOS
It is the 20th acquisition for Joe Milot since 1984 when he had a disagreement with his bosses at Century Glove, left the company and started Protective Industrial by selling gloves made in China out of the back of his car.
"There is a lot of personal satisfaction and vindication for me and my partner," said Milot, Protective Industrial's founder and president.
Discussions about a potential acquisition started two months ago and the deal closed Friday. Terms were not disclosed.
Protective Industrial supplies gloves, safety goggles, reflective vests and hard hats through a network of 2,500 distributors who work directly with large manufacturers and builders. Revenue has more than doubled to $250 million over the past five years. And the payroll has grown to 300 across the United States. Roughly 150 employees work in the Albany region at the Latham headquarters and a Guilderland Center distribution and screen printing plant.
The acquisition adds new product lines that are comparable to those made in Protective Industrial's McHenry manufacturing facility in Bluffton, Indiana. Manufacturing will move from northwest Georgia to the Indiana factory.
Century Glove has manufactured gloves for more than 75 years. The company also supplies custom bags and a shoe covering used in the aerospace industry.
Milot said Protective Industrial is continuing to search for companies and products to acquire that complement what the company already does.
The company purchased Safety Works in Wexford, Pennsylvania in February. Safety Works is a supplier of safety gloves, hard hats and other equipment. Protective Industrial also expanded its information technology department this year as it prepares to use data to increase sales and improve customer service.
SOURCE: http://www.bizjournals.com/albany/news/2016/12/09/protective-industrial-acquires-glove-maker.html
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