Markel Announces Acquisition of Havco
18 Apr, 2012, 05:00 ET
RICHMOND, Va., April 18, 2012 /PRNewswire/ -- Markel Corporation (NYSE: MKL) announced today that its subsidiary, Markel Ventures, has acquired a majority interest in Havco WP LLC (www.havcowp.com) ("Havco"), a privately held company headquartered in Cape Girardeau, MO. Havco is a leading manufacturer of laminated oak and composite wood flooring that is utilized in the assembly of truck trailers, intermodal containers, and truck bodies.
Bruce Bader, President and CEO of Havco, stated, "Our new partnership with Markel is an important next step for Havco, our customers, and our employees. With their support, we will have a permanent foundation upon which we can continue to be the premier provider of wood and composite flooring to the transportation industry."
Thomas S. Gayner, President of Markel Ventures, added, "Havco is a wonderful addition and a great fit for Markel Ventures. They have an outstanding management team and a long history of providing top quality, high durability flooring for tractor trailers. We have given them a home where they can continue to do so."
Markel Ventures, Inc. (www.markelventures.com) is a wholly-owned subsidiary of Markel Corporation, a diverse financial holding company serving a variety of niche markets. Markel's principal business markets and underwrites specialty insurance products. Markel Ventures makes strategic and generally controlling investments in businesses that operate outside of the specialty insurance marketplace. The primary goal of Markel Ventures is to positively contribute to the long-term financial performance of Markel Corporation through the value creating operating activities of its subsidiaries.
This release contains statements concerning or incorporating the company's expectations, assumptions, plans, objectives, future financial or operating performance and other statements that are not historical facts. These statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. There are risks and uncertainties that may cause actual results to differ materially from predicted results in forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth under "Risk Factors" and "Safe Harbor and Cautionary Statement" in Markel Corporation's 2011 Annual Report on Form 10-K. By making forward-looking statements, we do not intend to become obligated to publicly update or revise any such statements whether as a result of new information, future events or other changes. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as at their dates.
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SOURCE Markel Corporation
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