VAST Industrial Corp's acquisition of The Whalen Co – another boardroom bonanza, but will it mean a hill of beans for the blokes on the shop floor?
VAST Industrial Corp., an Ontario-based organisation with its fingers in many pies, has expanded its empire by acquiring The Whalen Co. of Easton, Maryland – a manufacturer of fan coils and water-source heat pumps.
The acquisition, announced in a press release, sees VAST further muscling into the North American high-rise HVAC game, already having a stake with Unilux HVAC Industries Inc., a vertical stack fan coil merchant.
VAST reckons the move will capitalise on product innovation, continuous improvement, and strategic investment. Right, pull the other one.
Whalen, knocking about since 1962, brings its history of flogging fan coils and water-source heat pumps to the table. Wonder if they saw this coming?
Mark Heisz, CEO of VAST, gushed: "We welcome the Whalen team as they join VAST and appreciate the opportunity to work with them to continue the great tradition of The Whalen Company as a manufacturer of superior products and flexible designs for the high-rise HVAC market in North America." You can almost smell the corporate bullshine.
He added VAST focuses on "buying businesses to build on already strong operations through aggressive investment in innovation and market expansion." So, same old song and dance, then.
Alex Heisz, director at VAST, will be top dog at Whalen, working with COO Dennis Kloster. Craig Wanner, a Whalen shareholder and former president and CEO, will lend a hand during the handover.
Wanner chirped: "We have found the perfect partner in VAST to continue the Whalen legacy and to secure continued employment for the Whalen team." Famous last words, eh?
He also reckons VAST’s leadership will be a shot in the arm for both brands. Let’s see if that holds water.
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Still, at least someone's making a killing. Or is it?
