CPAC, Inc. Celebrates 35 Years in Business
CPAC, Inc. (Nasdaq: CPAK) is pleased to announce the beginning of its 35th year in business on March 27, 2004.
The Company was founded as Computerized Pollution Abatement Corporation in 1969 by Thomas N. Hendrickson of Perry, NY. Its original product was 'silver recovery' equipment that enabled photo labs to recover polluting discharge (mainly silver) from the chemicals used to develop photographic film and paper. Labs also realized increased revenue as they reclaimed, refined, and sold the recovered silver. These products are still being manufactured today in the Company's Equipment Division located in Leicester, NY.
In 1981 the Company went public and shortened its name to "CPAC." A decision to diversify by adding a consumable product line led to the Company's first acquisition in 1984. It acquired a well-respected manufacturer of photographic chemicals in St. Louis. MO. Through the early 1990's, the Company grew at a steady pace. It duplicated its success in the photo market by acquiring a variety of medical, dental, and graphic arts chemical and equipment concerns. International expansion came next, with acquisitions that established manufacturing and distribution points in Belgium and Italy.
In the mid-1990's, CPAC enacted a "Vision 2000" diversification strategy designed to offset the impacts of a market that would clearly be moving from traditional (silver halide) Imaging to digital technologies. The "Vision 2000" strategy was aimed at making CPAC less dependent on Imaging products, while continuing to strengthen its position in chemical manufacturing which by now had become a core competency. According to Mr. Hendrickson, CPAC's President and CEO, "Our first move in this direction was in 1994 with the acquisition of The Fuller Brush Company, a legendary maker and marketer of cleaning chemicals, brushes, brooms, and mops. This was followed by two additions to our portfolio that expanded CPAC's presence in its new markets," said Hendrickson.
Following the acquisition of Fuller Brush, the Company positioned itself as having two distinct business segments: Cleaning and Personal Care, and Imaging. Concurrent with this diversification into Cleaning and Personal Care, CPAC continued to build global capacity by establishing manufacturing facilities in South Africa and Thailand in the late 1990's. In 2002 the Company purchased 19% of a German manufacturer of photographic paper and film products, enabling CPAC companies worldwide to add these products to its portfolio and creating a comprehensive array of products on par with the world's top Imaging concerns. CPAC increased its ownership in TURA to 40% in 2003. Hendrickson states, "To further augment our global position, in 2004 we are establishing a new Imaging chemical venture in China, and are looking at other strategic locations worldwide through which to distribute our products."
In its Fuller Brands segment, CPAC continues to establish new distribution channels and increase brand awareness to drive increased market share. In 2002, The Fuller Brush Company began selling its products on QVC, the television shopping network. Through another top initiative, consumers will soon be able to purchase Fuller Brush products in select retail locations nationwide. E-commerce enabled web sites at fullerbrush.com and stanleyhomeproducts.com have become a popular means by which consumers can obtain quality home and personal care products. And approximately 15,000 Fuller Brush and Stanley Home Products independent sales representatives are active in the field today, selling home and personal care products door-to-door and through the party plan.
CPAC, Inc. employs approximately 550 people worldwide, and to this group Mr. Hendrickson is particularly grateful. He says, "Over the years, I have had the pleasure to work with many talented, energetic, creative, and dedicated people whose quality efforts have helped CPAC become the business it is today. Although we are nostalgic about our first 35 years in business, we are aggressively planning for the future," said Hendrickson. "As in the past, acquisitions and strategic alliances to strengthen both sides of the business will be part of our long range plans."
View CPAC's Accolades below:
Daniel J. Burling, Assemblyman 147th District
Dale M. Volker, New York State Senator
Thomas M. Reynolds, U.S. Representative, NY 26
Barry F. Briffa, Mayor of Leicester
Article - "Something Worth Celebrating"
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