CORTLAND, NY (607NewsNow) — A Cortland business is reportedly being sold.
The U.S. arm of French company Colas Group has agreed to purchase Suit-Kote for over $450 million. Suit-Kote, whose headquarters are in the Crown City, operates in over 20 locations in New York and Pennsylvania. The road solutions company was formed in 1921. Colas is a construction company, and according to Yahoo! Finance, “The acquisition is expected to enhance Colas’ operations in the high-potential market of the north-eastern US by bolstering its presence in the bitumen distribution sector.”
We’ve reached out to Suit Kote for comment. Meantime, Cortland Mayor Scott Steve sent a statement to 607 News Now:
“For 104 years, the Suit’s family has been, if not the largest, certainly one of the most steadfast stewards of our community, contributing not only through employment but also through innovation, generosity, and a deep commitment to shaping Cortland into what it is today,” Steve said.
“For that, I sincerely thank them. I also fully respect their thoughtful decision as they look toward the next chapter for their employees and legacy. Thank you for the first 104 years, I look forward to working with Colas and continuing to build on this strong foundation,” Steve added.
Pending regulatory approval, the sale should be completed at the end of September.
