Houchens Inc. announced plans Tuesday to buy Scotty's Contracting and Stone LLC in a stock swap deal potentially worth hundreds of millions of dollars.
The boards of directors for two of Bowling Green's biggest businesses announced they have unanimously voted to sign a letter of intent for the sale, which, if approved by both boards, would be finalized on November 15.
"It helps diversify our company; we've been trying to diversify for the last 10-14 years. It's a good local company that is totally diverse to our core business," said Jimmy Gipson, CEO of Houchens Inc.
Gipson says no jobs will be lost as a result of the merger. "We don't expect any management change in this. We think there's good management in the companies, and we don't look to try to merge with companies that don't have good management. We don't try to interfere with the management of things that are going good. If something's not broke, you don't fix it," Gipson says.
Scotty's employs 100 people and has annual sales of about $100 million, while Houchens has more than 10,000 workers and annual sales of $2 billion.