Sterling Rope Co., a Biddeford, Maine manufacturer of life-safety rope, cord, and hardware, has agreed to be acquired by Sherrill Inc.
In a news release Tuesday, Sherrill said there are no plans to change day-to-day operations at Sterling and that it will remain in Biddeford. Terms of the deal were not disclosed.
Senior management will remain in place at least for a year, Sterling co-founder and President Carolyn Brodsky told Mainebiz Tuesday.
She said she initiated discussions of a merger with Sherrill in 2018.
“Sterling is in a really good place, we’re very profitable, but I’m 60 and I didn’t want to get into a position where I had to sell the company,” she said.
The choice of Sherrill was a natural, she said. The two companies’ markets complement each other, and she feels the additional resources of Sherrill will fuel Sterling’s future growth.
“This allows us to go to the next level,” she said, adding that the Biddeford plant will serve as a platform for Sherrill’s product development.
She was also reassured by Sherrill’s pledge to keep Sterling’s 50 employees in Biddeford and said that Sherrill has signed a seven-year lease on the current site.