Craftmade will not seek sale of company given current housing, debt market conditions

By Lisa Kerner

Charlotte, N.C., Aug. 23 - The board of directors of Craftmade International, Inc. said it is not the "appropriate time" to consider a sale of the company. Instead, the company plans to focus on its strategic growth plan.

Craftmade made the announcement following a review of strategic alternatives in conjunction with its financial and legal advisers. The company is also in discussions with several acquisition candidates.

"The independent committee has canvassed the market and performed its due diligence for strategic alternatives for the company," chief executive officer James R. Ridings said in a company news release.

"We believe that given the current volatility in the housing and debt markets it is in the best interest of long-term shareholder value to pursue selective and opportunistic acquisitions in order to achieve more advantageous growth objectives through enhanced product offerings and potentially expanding into adjacent product categories and sales channels, which will be less reliant on the overall housing environment."

On May 9, Craftmade said it would consider alternatives to enhance shareholder value that could include raising capital, acquisitions by the company or a potential sale of the company.

Craftmade, based in Coppell, Texas, designs and markets proprietary ceiling fans, lighting products, door chimes and ventilation systems.

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