EAST SALEM - Company officials announced yesterday the sale of Tedd Wood cabinetry company, located in East Salem, to Executive Cabinetry LLC, which is based in Connecticut. The acquisition began two months ago and became official Thursday afternoon, said Matt Pannebaker, president and co-founder of Tedd Wood.
"When we first discussed a partnership with Executive, we immediately saw the value in joining forces," Pannebaker said. "Executive is an ideal partner and I look forward to working closely with (them) to take both our companies to the next level."
Pannebaker will remain at the company as president and Tedd Pannebaker, his father and the original founder of Tedd Wood, will remain as business adviser. There were no changes to the current management team and there was no job loss due to the company sale.
Sentinel photo by BUFFIE?BOYER
Matt Pannebaker, left, and Tedd Pannebaker, right, of Tedd Wood Inc., gather Thursday in Tedd Wood’s showroom with Dave Romeo, of Executive Cabinetry LLC, the Connecticut-based company that purchased Tedd Wood.
Though the company's production and profit is currently half of what it was at its peak, the sale of Tedd Wood was not made because it was struggling or making cuts, Pannebaker said. Instead, it was a chance to partner with a company that can encourage growth in the future, he said.
"The funds the company is making from this transaction is going right back into the company," Pannebaker said. "In good time, we anticipate hiring more people and expanding our client base."
Within the next two to three years, Dave Romeo, CEO of Executive Cabinetry, expects to expand the Tedd Wood workforce from 60 to at least 120 people. His main focus is expanding sales and improving marketing for the Tedd Wood brand, he said.
"Tedd Wood has a fantastic name in our industry," Romeo said. "I think it's a good match with my company and there's great potential. I wouldn't have agreed to this if I didn't like what I saw or what I heard about it."
The next step for both companies is to start meeting with accounts and clients, Romeo said, as well as planning new product marketing strategies as a team.
Tedd Wood and Executive Cabinetry's first appearance together will be at a home show in Las Vegas next February.