DIAMOND VOGEL HAS ANNOUNCED THAT THE COMPANY IS DIVESTING ITS COMPANY-OWNED RETAIL STORES THAT PRIMARILY SERVE PAINTING CONTRACTORS, HOMEOWNERS, AND MAINTENANCE PROFESSIONALS.
SPECTRUM PAINT HAS AGREED TO ACQUIRE DIAMOND VOGEL’S ARCHITECTURAL PAINT BUSINESS ACROSS ELEVEN LOCATIONS AND WILL ASSUME OPERATIONS AT EIGHT STORES IN CENTRAL IOWA.
SPECTRUM PLANS TO CONTINUE OPERATIONS AT THOSE SITES AND RETAIN MOST OF THE EMPLOYEES.
JEFF POWELL, C-E-O OF DIAMOND VOGEL. SAYS “OUR STRENGTH LIES IN PAINT MANUFACTURING, AND WE RECOGNIZED THE NEED TO REINVEST IN OUR CORE CAPABILITIES RATHER THAN RETAIL OPERATIONS.”
HE SAYS SPECTRUM WILL CONTINUE TO OFFER THEIR PREMIUM ARCHITECTURAL PAINTS AND COATINGS TO THE MARKET.”
DIAMOND VOGEL SAYS THEY WILL NOW REFOCUS EFFORTS ON SERVING INDUSTRIAL CUSTOMERS THROUGH A NEW INDUSTRIAL SERVICE CENTER MODEL BY OFFERING LOCAL INVENTORY SUPPORT, DEDICATED COLOR MATCHING, AND TIMELY ORDER FULFILLMENT.
TWELVE EXISTING DIAMOND VOGEL LOCATIONS WILL BE UPGRADED TO SUPPORT THIS NEW MODEL.
THE COMPANY IS CURRENTLY IN DISCUSSIONS WITH POTENTIAL BUYERS FOR ITS REMAINING ARCHITECTURAL PAINT-FOCUSED RETAIL LOCATIONS.
