A. Schreter & Sons Co. Inc., a manufacturer of neckwear and a fixture in Baltimore's business community for 97 years, has been sold to a private investment group that plans to expand the company's production by 50 percent within 18 months.
The transaction was finalized last week, according to Nelson Schreter, company vice president. It gives control of the company to Lawrence L. Davis, a Long Island investor, and Atlantic Asset Management, an investment partnership based in New York City.
Nelson Schreter, 50, will continue as vice president, but the company's president, A. Harvey Schreter, 75, will be retiring to pursue his interests in archaeology and anthropology. The elder Schreter served with the family business for 55 years.
Davis, who holds a controlling interest in the company, is assuming the role of president.
Nelson Schreter said the family decided to sell because his uncle wanted to retire and because Davis, who Schreter said has a strong background in marketing, would be able to expand the business.
Expansion is possible because of the size of the company's factory, a 36,000-square-foot production and office facility in southwest Baltimore.
"We sold because we can grow," Schreter said. "We sold because it was financially sound for us to sell."
The company, which employs 140 people, makes a diversified line of neckwear.
Custom designs for uniforms are sold to major airlines, fast-food restaurants and hotel chains. The company's fashion line, which includes the brands Andre Gianni, Charing Cross and Cappucino, are sold at the retail level.
In addition, the company produces private-label neckwear for a number of national department store chains.