Compass Diversified Holdings announced on February 13 that American Furniture Manufacturing Inc., one of its eight subsidiaries, experienced a fire at its main plant in Ecru, Miss., on the evening of February 12.
Reacting to the event, Joe Massoud, CEO of Compass Diversified Holdings, stated, "Our primary concern is for the people of American Furniture Manufacturing, and we now believe that all of our employees are safe. From a business perspective, I do not currently expect this event to impact our ability to make distributions to our shareholders at our current annualized rate. Furthermore, this event has no impact on the operations or profitability of our other seven businesses."
Massoud concluded, "In the immediate term, we will work with American Furniture's management team to develop contingent plans for meeting its customer's requirements and with our insurance providers to process the appropriate claims as quickly and efficiently as possible. In the medium to long term, we continue to be enthusiastic about American Furniture's position in the industry and its prospects for creating value for CODI's shareholders."
