Testron Sells Gorham Division
Dec. 09, 1988
PROVIDENCE, R.I. (AP) _ Textron Inc. announced Thursday that it would sell its Gorham Division to Dansk International Designs Ltd. for an undisclosed price.
The sale, which Textron said it expected to complete by the end of the year, would affect about 525 employees at the division's headquarters in Johnston, a manufacturing plant in Smithfield and a distribution center in Williamsport, Md.
Textron announced its intention to sell the Gorham Division in August, saying it was refocusing its commercial products sector and wanted to focus more on aerospace products and financial services.
Gorham, which makes tableware, was founded in 1831 and was acquired by Textron in 1967. Dansk, of Mount Kisco, N.Y., is a privately held company that also manufactures tableware.
The Textron announcement said Dansk would operate Gorham as a wholly owned subsidiary, Gorham Inc., and Brian O'Malley would continue as president.
D.R. Ryan Jr., the president and chief executive of Dansk, would become Gorham's chairman, the announcement said.