Formula for Success Established: Implementation Underway
VERNON HILLS, IL, Oct. 14 /PRNewswire/ - Faucet Queen Shareholders will be smiling from ear-to-ear if new president and CEO Mike Linn has anything to do with it. In the four short months he's been with Faucet Queen, shareholders have already seen positive fundamental changes. The organization that gained its notoriety in 1935 when it launched the first patented rubber spray attachment that slipped on sink faucets, is undergoing a transformation that sees the organization returning to its early roots.
"Our focus has returned to sales and marketing, with a specific concentration on innovation," said Linn. "As the leader in complete and convenient home hardware solutions, this strategy is the key to achieving continued growth, increased consumer value and greater customer satisfaction. Faucet Queen was poised for growth - our new business development strategy simply places it on the path to success."
Implementing this strategy began with a four-tiered process beginning with an investment in consumer communications, a new sales model that focused on direct touch with buyers, streamlined communication that empowered employees, and basic cost cutting measures. With products from 14 categories and more than 650 SKUs in supermarkets and all major drug chains across the US and Canada, Linn is also leveraging his expertise in channel differentiation implementation to broaden Faucet Queen's existing channels.
"Mike's successful track record in creating lasting retail partnerships and driving substantial growth initiatives is what drew us to him as the ultimate choice for Faucet Queen's President and CEO," said Wali Bacdayan, Partner at PNC Equity Partners, majority owners of Faucet Queen. "We have invested heavily in consumer research and product development in support of our commitment to innovation, and we believe Mike's retail launch strategy is exactly what we need."
Latitude Tools is one of Faucet Queen's exciting innovations geared toward the increasing number of women in the 'do it yourself market' who feel there are inadequate tool options available to them. Latitude Tools are engineered specifically to a woman's hand size, grip, strength and physique and will be in market during the spring / summer of 2010. "Manufacturers remain largely unfocused on providing solutions specifically designed for women, despite the fact that our research shows 57 percent of women state the feel of the tool in the hand is one of the most important purchase attributes," said Linn. "Our team has done a tremendous job in identifying these needs, listening to the consumer, and creating a product that has already won a design award from the International Housewares Association."
The other innovation causing excitement among Faucet Queen shareholders are Lifestyle Carts. These carts are geared toward men and women and are also expected in stores by spring / summer 2010. The Lifestyle Carts turn Faucet Queen's regular storage carts into designer carts that offer a convenient one-stop solution for cleaning a car, gardening, barbequing or trips to the beach. The carts are currently in development, but the feedback we've received to date has been outstanding," said Linn. "We are thrilled to have two exciting and innovative product categories coming to market."
From strengthening the marketing and sales teams, to introducing e-commerce capabilities, to creating a channel marketing position and a positive philosophy change for sales, Mike Linn has Faucet Queen shareholders, customers and consumers alike anticipating exciting and innovative results. With more than 20 years experience in the consumer product industry, Linn helped secure the first profit for the ailing World Kitchen and drove CleanBrands' value enterprise and gross margins. He is honored to be a part of the talented and creative Faucet Queen team who are all committed to innovation.
About Faucet Queen
Faucet Queen is owned by PNC Equity Partners and is headquartered in Vernon Hills, Illinois. Faucet Queen products are sold under the brand names Helping Hand(R), Latitude Tools(TM) and House Helpers(TM). The Company is an industry leader in hand tools; kitchen, bath, closet, automotive, surface protection, glues/adhesives, electrical, and sewing accessories; hangers & fasteners; security & padlocks; and rope & twine. Helping Hand(R) and House Helpers(TM) are available at most major retailers, and Latitude Tools(TM) are available on line and will be made available at select retailers in 2010. For more information, visit http://www.faucetqueen.com
SOURCE Faucet Queen
Faucet Queen
