Coldspring Gets Stone Panels Inc.
COLD SPRING, Minn. – Coldspring expands its product line this month by acquiring the assets of Stone Panels Inc., the Coppell, Texas-based producer of the Stone Lite® solution for interior and exterior building cladding, for $5.55 million in a Chapter 11 sale.
Coldspring will offer the materials through Stone Panels International LLC, a wholly-owned subsidiary that will operate as a separate entity.
“We are excited about this opportunity for the two companies to work together to expand our reach and diversify our market offerings for the commercial construction industry,” says John Mattke, Coldspring president/CEO. “The strength of the two brands – Coldspring and Stone Lite – and our shared cultures of a commitment to excellence will create increased value for our construction-related customers.”
Stone Panels’ Stone Lite® has been the standard for lightweight technology for more than 40 years.
Stone Lite® offers natural-stone panels with a thin stone veneer and an aluminum honeycomb backing which is sandwiched between impervious, high-strength, fiber-reinforced epoxy skin. Backed by a 10-year warranty, Stone Lite® features numerous types of natural stone, including granite, marble, limestone, slate and sandstone.
“We look forward to the significant project synergy, collaboration and leveraging of Coldspring’s support capabilities to enhance both entities,” says Mattke. “Coldspring and Stone Panels International will provide complementary products and services that are on an upward trend.”
Stone Lite® offers natural-stone panels with a thin stone veneer and an aluminum honeycomb backing which is sandwiched between impervious, high-strength, fiber-reinforced epoxy skin. Backed by a 10-year warranty, Stone Lite® features numerous types of natural stone, including granite, marble, limestone, slate and sandstone.
Stone Panels Inc. filed for Chapter 11 reorganization on July 21 in the U.S. Bankruptcy Court for the Northern District of Texas. Coldspring placed the high bid of $5.55 million in an Oct. 25 auction of Stone Panels’ assets
Since 1898, Coldspring has served the architectural, memorial, residential and industrial markets with all types of natural stone, bronze, and industrial and diamond-tooling products. With headquarters, a primary manufacturing facility and bronze foundry in Cold Spring, Minn., the company has 900 employees at operations across the country, including 30 quarries and four additional fabrication facilities.
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