By AmyJo Brown
n a move meant to allow its chairman and founder to retire, MAAX Inc., a Canadian manufacturer of three hot tub lines, is up for sale.
Placide Poulin, who founded MAAX in 1969, stated that the company has created an independent committee to solicit offers.
The Montreal company, which also manufactures bathtubs and kitchen cabinets, posted $616.9 million in sales its last fiscal year, which ended in February 2003.
The firm employs approximately 3,800 people and has 13 distribution centers along with 25 manufacturing plants, including those that produce the Coleman, Elite and Savannah portable hot tub lines.
Hot tub sales for the company declined in the second quarter of this year compared with the same time last year, falling from $28.1 million to $21.3 million. To improve profitability, the company consolidated two of the three spa manufacturing plants it owns. Overall, the company’s sales grew by 13.4 percent in the second quarter.