new
or
You are here : Stone Home > Info Center > Industry news > The Price Of Freedom

The Price Of Freedom

Updated:2009-05-31 09:52:50

coverpic1a.jpg

In 2004 Innovative Stone of Hauppauge, NY presented the "Freedom Stone", the cornerstone to the new Freedom Tower building replacing the World Trade Center. The company meticulously polished, engraved and set the 20-ton cornerstone for the project designed by Skidmore Owings & Merrill at the World Trade Center site. According to CEO and founder, Karen Pearse, "This was undoubtedly the most rewarding and compelling assignment in the entire history of our company. We are enormously proud to be able to help Governor Pataki and the people of New York inaugurate the rebirth of our great city."

Innovative Stone is one of the leading global suppliers of natural stone serving the commercial and residential sectors with operations in New York, California, Florida, Georgia, New Jersey, Illinois as well as Brazil, China, India and Italy. Led by Karen Pearse, Innovative Stone dominates the natural stone industry because of its focus on delivering innovation in both materials and technology, the breadth of its client portfolio, and its reputation for exacting detail in handling the most challenging and high-profile assignments.

coverpic2abc.jpg

Unfortunately, the company was recently unable to extend its loan from its secured lender and was forced to file Chapter 11 bankruptcy protection.

However, under the leadership of Karen Pearse, the company will continue to function normally while in Chapter 11. "We are confident the company has a good plan to come back stronger than ever," said spokesman Dennis Tompkins. Richard Schneider, managing director of Manhattan-based Easton Hunt Capital Partners, one of 17 equity firms that help to manage New York State's private equity investments, and an investor in the company, also believes the company will come back. "It's a great company," he said. "It's been around for 28 years. We totally support management."

coverpic3abc.jpg

Innovative was founded by Ms. Pearse in 1981, and employs about 300 people in several divisions.

The stone industry is a niche industry that has been impacted severely by forces beyond the control of entrepreneurs that have worked hard on behalf of the industry, their employees and their customers. Alpha Granite and Marble Company of Dallas, TX was sold at auction by Investment Recovery Services. The entire manufacturing facility including the real estate is being liquidated. A list of fabrication machinery totaling nearly $1,000,000 was received this week to be sold with prices subject to lender approval. While some industries suffer during a recession; there is little doubt the stone industry has been severely impacted.

coverpic4abc.jpg

There are signs of relief, however. The owner of The Wall Street Journal, Rupert Murdoch, says "the tide may be turning and there are emerging signs that the days of precipitous decline are done." Federal Reserve Chairman, Ben Bernanke hinted at signs of optimism, stating that the economy could see a recovery in the near term with the housing market showing signs of improvement.

Innovative Stone intends to continue to support their brands such as Everlife natural stone countertops, protected by PermaShield anti-staining technology, an industry first that provides NSF and Greenguard certifications, and carries a 15 year warranty for stain resistance and material integrity.

It is businesses such as Innovative Stone, one of the largest minority owned (woman-owned M/WBE) companies in New York State, that, with the support of its loyal customers, vendors and the understanding of the lending community, will protect local jobs and act as the catalyst in leading the country out of this recession.

Source:http://www.stoneindustrynews.com

Premium Related Products
Sunny Light
Sunny Light
Price:$ 14.00
Origin:Egypt
Categories:Marble
Zomordah for Marble & Granite
EgyptEgypt
Mitologia Silk Road
Mitologia Silk Road
Price:$200
Origin:Turkey
Categories:Limestone
Nesil Maden
TurkeyTurkey
Kota Stone Blue [Green] Tiles
Kota Stone Blue [Green] Tiles
Price:Negotiation
Origin:India
Categories:Limestone
Shree Ram Industries [Kota Stone]
IndiaIndia
Browse by: Stone Manufacturers | All Products | For Buyers | For Sellers | Suppliers | Stonebtb.com International | Stonebtb.com China | Site Map
About Us | Stonebtb Service | Contact Us | Our Partners | Video | Exchange Link | Terms of Use
Copyright 2007-2019 Stonebtb.com All rights seserced