Crown Crafts Expands Product Line With Launch Of Neat Solutions(R) For Pets
GONZALES, La., July 7, 2010 (GLOBE NEWSWIRE) -- Crown Crafts, Inc. (the "Company") (Nasdaq:CRWS) announced today that it is launching Neat Solutions ® for Pets, a new line of pet beds and accessories. The new product line will be a part of the Company's Crown Crafts Infant Products subsidiary, and furthers the Company's ongoing strategic initiative to create greater shareholder value through product line expansion and end-market diversification.
"We have analyzed and researched the pet industry in depth and see significant, long-term growth potential for our unique product offerings," said Nanci Freeman, President and Chief Executive Officer of Crown Crafts Infant Products. "Neat Solutions for Pets allows us to gain greater leverage from our expertise in softline products and our core competency in serving parents and caregivers."
Taking advantage of the Company's capabilities in design and fabrication, coupled with its keen understanding of parents' spending habits, the new Neat Solutions for Pets' offering will include beds, bolsters and cuddlers for dogs and cats, kennel mats, and protective and decorative throws. All of the distinctive products will be designed with today's most-current, trend-right colors to fit in with any home décor. Enhanced product features include novelty fabrications utilizing a home décor color palette, as well as durable and washable fabrics.Commenting on this new product launch, E. Randall Chestnut, Chief Executive Officer of Crown Crafts, said, "We are very excited to establish a strategic growth platform in the more than $50 billion pet industry, which has doubled in size in the last 10 years – growing faster than the candy or toy industries over the same period. Given the care and comfort that most people provide for their pets, we think we are ideally suited for this market." Chestnut added that the Company identified the pet industry as a target growth market during its regular review of its strategic business plan. The initial line of pet-related products were developed with the assistance of a pet industry expert.
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