According to foreign media reports, a few days ago, the United States HazLoc Industries, LLC. (a wholly-owned subsidiary of BLG Inc., a supplier of harsh and hazardous environmental lighting solutions) and Paramount Industries Inc. (a high-performance and harsh environment lighting solution in the United States) Company) announced the implementation of the purchase agreement. The former acquired the latter and the transaction was completed on April 5, 2019.
According to Glenz Garbowicz, president of HazLoc, the acquisition provides a direct platform to launch several new product lines, such as Class 1, Div. 1 and Class 1, Div.2, currently under development, along with the existing Paramount product line. Garbowicz commented: "We are very pleased to be able to build a 70-year-old brand. We will focus on new sales, marketing and product development programs and leverage the comprehensive capabilities of BLG Inc. for all of our customers and channel partners. Provide a huge advantage."
Paramount's existing facility in Crosswell, Michigan, will continue to produce products, and current management and employees are still in place.