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Issue Date: Vol. 43, No. 3 / March 25, 2003 - April 24, 2003 , Posted On: 3/29/2003


ROWE COMPLETES DIVESTITURE OF VENDING BUSINESS

Acquisition Of Rowe's Vending Business Adds To Automatic Products' Equipment Line

Automatic Products international ltd. and Rowe International Inc. announced the sale of Rowe's vending business to APi's affiliated company, Gross-Given Manufacturing Co. APi and Gross-Given are third-generation family-owned companies involved in the manufacturing and marketing of high-quality vending equipment since 1949.

Alan J. Suitor, president and CEO of Automatic Products international ltd. and Gross-Given Manufacturing Co., expressed his excitement for the companies and their customers. Suitor stated: "APi's mission is to produce or market products that meet or exceed the customers' expectations. The Rowe 748 Showcase merchandiser is one of the best in the industry and it completes our range as a full-line manufacturer. It affords APi a unique opportunity to greatly expand its existing product lines and markets. We can hardly wait to start producing the APi Showcase, and to offer parts and technical support for certain Rowe machines in the field." APi's sales and marketing department will be advising the marketplace on parts availability and the anticipated
production dates of machines.

J. Douglas Johnson, chairman and CEO of Rowe International, is pleased that this transaction has concluded because it completes an important step in Rowe's previously announced plan to divest itself from the vending machine segment of its business. "Rowe can now continue its transformation into a domestic and international music and games entertainment business that is compatible with Rowe's new strategic initiative," Johnson said. "The company will focus on
development, manufacturing and marketing of CD jukeboxes, licensed Internet-enabled digital jukeboxes, connected game terminals with tournament features and branded entertainment content. In addition, Rowe will continue to expand and improve on the changer and currency validation business (see VT Jan. and Feb.) The proceeds of this divestiture will be used to grow Rowe's entertainment business and to retire the company's senior debt."


Topic: Ahead of the Times: Music and Games

Articles:
  • NOVEMBER 20, 2006: Stories from the November, 2006, Ahead of the Times (Music & Games edition) email news dispatch…
  • NOVEMEMBER 13, 2006: Stories from the Ahead of the Times (Music & Games edition) email news dispatch…
  • AUGUST 17 NEWS: Raw Thrills, Play Mechanix Merge; Florida Jury Approves Adult Redemption; Merit Organizes Raids; AAMA President Forecast
  • AUGUST 14, 2006: Illinois To Pay Court Costs To Home Video Game Industry; Verdict Expected Today In Florida Gaming Arcades Trial; ICMOA Broadband Seminar; Target To Sell Mini-Jukebox; VNEA Charter Holders Workshop
  • JUNE 5, 2006: Lower CD Rates Possible In Future, Says AMOA Official; Global VR Finalizes UltraCade Purchase; Photo-Me Inc. Acknowledges Potential Suitor; Stinger Report Moves To Free Subscription Model; Downloading Jukes Make Wall Street Journal, Again

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