“United by a common business culture, the merger is expected to drive meaningful growth through cross-selling synergies, geographic expansion, and sharing of best practices,” Polycor said in a statement. “In addition, the merger will provide an expanded product offering for customers of both companies, positioning the combined business as the solution of choice for architects, builders, dealers and other stakeholders in the natural stone value chain.”
“This transaction represents another milestone in Polycor’s journey to become the global leader in the natural stone industry,” says Patrick Perus, Polycor Inc.’s CEO. “We are thrilled to be joining forces with the leading producer of Indiana limestone in ILC, and look forward to welcoming this world-class team into the Polycor family.”
ILC is a nationally recognized brand in North America’s natural stone industry, with its stone being used in the construction of some of the U.S. most iconic buildings and monuments. ILC also produces a wide range of natural stone masonry and hardscape products for use in residential, commercial, institutional and renovation applications.
ILC CEO Tom Quigley said in the statement: “Our business today touches the lives of dealers, fabricators, distributors and architects worldwide. We are proud to be a part of a great industry. Now, by joining with Polycor, a business partner with whom we share common values, passion and ambition, there is unlimited potential to expand our offering and deliver even greater value to our customers.”
The statement says existing ILC shareholders will become significant minority shareholders “in the go-forward entity as the business embarks on its next phase of growth.”
“With a more diversified and expansive geographic presence, ILC’s offices in Bloomington will serve as a primary base to support continued expansion in North America,” the statement says.