Tuesday, January 04, 2005

Houchens Industries Inc. has finalized a merger and acquisition of Scottys Contracting and Stone LLC. The deal is expected to benefit the employee owners of both companies through a share exchange.

What a great way to start off the new year for the community and the company, Kevin Westray, president of Scottys Contracting and Stone said Monday. I am very excited about the merger of Houchens and Scottys and am excited for the people of both companies who will no doubt benefit from the deal.

Westray explained that Scottys and Houchens both operated as employee stock ownership programs.

The future of Scottys has never looked brighter, Westray said in a news release announcing the merger. We are very excited about Scottys and the new opportunities that Houchens considerable financial resources will allow us to pursue in our marketplace.

Houchens Industries is the largest 100 percent employee-owned company in the United States and the 106th largest private company. Houchens owns about 135 supermarkets in Kentucky, Tennessee, Mississippi, Florida, Missouri, Arkansas, Alabama and Georgia.

It also controls 40 convenience stores in Kentucky and Tennessee and over 200 SAVE-A-LOT grocery stores. It also owns subsidiary companies involved in recycling, insurance, construction, tobacco, warehousing, commercial real estate, indoor tanning products, Web site development and retail fixture manufacturing.

Through the years Houchens has diversified its assets to give the company an array of self-serving subsidiaries. But some acquisitions simply made good business sense to Houchens Chairman Jimmie Gipson.

Scottys will be a good fit with Houchens, he said in the company release. It has the characteristics we seek in a company: good management which will remain to operate the company, a strong business plan and possible synergies with our businesses.

The value of the deal was not disclosed.  Daily News ·813 College St. ·PO Box 90012 ·Bowling Green, KY ·42102 ·270-781-1700