Management Group Takes Control at Conbraco

Buy-back triggers "restoration" at valve manufacturer

May 1, 2006 -- The management team has taken control of Matthews, NC-based Conbraco Industries Inc., a valve manufacturer. The group is led by company president Glenn Mosack, executive vice president Cal Mosack and vice president of marketing Carole Mosack Lee -- all descendents of the company's founding family.

The Mosack family also controls a majority of Conbraco stock, having acquired shares formerly held by Mueller Inc. and other shareholders not active in company's management.

Conbraco manufactures the Apollo Valves brand of ball valves, pressure-reducing valves, backflow preventers, safety-relief valves, actuators, and other flow-control devices for residential, commercial, and industrial applications. It operates plants at Pageland and Conway, SC.

According to Glenn Mosack, "We’ve made changes in the past five years that have made Conbraco a stronger company. We’ve improved productivity and increased profitability. We’ve paid down our debt while at the same time investing $3 to $4 million a year in equipment and capital improvements. Our ‘continuous improvement’ philosophy has put us in the position of having the best delivery and fill rates in the industry."

Mosack said that Conbraco is "focused on growth," and that its management team and manufacturing strategy would not change.

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