Duracraft
Encyclopedia
Duracraft is a Southboro, Massachusetts-based company that makes home appliances, such as fans
, humidifiers and air conditioners. The company was founded in the late 1980s by Tim Chen, Bernard Chiu and Ronald Izen. Duracraft manufactured its products in the United States, as well as China and South America.
. Today Duracraft products are sold online as well as through Walmart and CVS Pharmacy, and many parts are sold online.
. The company received recognition from numerous organizations, including Fortune
.
approached Duracraft, unsolicited with an offer. Duracraft was sold to Honeywell for US$283 million.
, who markets their products. These include market-leading Honeywell air purifiers, as well as, a strong range of portable Honeywell fans, humidifiers, dehumidifiers and heaters that are sold throughout the world. This acquisition also added Asia-based manufacturing capabilities that have fueled the company's ability to enter new markets competitively.
Fan (implement)
A hand-held fan is an implement used to induce an airflow for the purpose of cooling or refreshing oneself. Any broad, flat surface waved back-and-forth will create a small airflow and therefore can be considered a rudimentary fan...
, humidifiers and air conditioners. The company was founded in the late 1980s by Tim Chen, Bernard Chiu and Ronald Izen. Duracraft manufactured its products in the United States, as well as China and South America.
Sales
Early sales of Duracraft were through Sears, Eckerds, and KmartKmart
Kmart, sometimes styled as "K-Mart," is a chain of discount department stores. The chain acquired Sears in 2005, forming a new corporation under the name Sears Holdings Corporation. The company was founded in 1962 and is the third largest discount store chain in the world, behind Wal-Mart and...
. Today Duracraft products are sold online as well as through Walmart and CVS Pharmacy, and many parts are sold online.
Initial public offering
In 1993, Duracraft had an initial public offeringInitial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
. The company received recognition from numerous organizations, including Fortune
Fortune (magazine)
Fortune is a global business magazine published by Time Inc. Founded by Henry Luce in 1930, the publishing business, consisting of Time, Life, Fortune, and Sports Illustrated, grew to become Time Warner. In turn, AOL grew as it acquired Time Warner in 2000 when Time Warner was the world's largest...
.
Sale to Honeywell
In 1996, HoneywellHoneywell
Honeywell International, Inc. is a major conglomerate company that produces a variety of consumer products, engineering services, and aerospace systems for a wide variety of customers, from private consumers to major corporations and governments....
approached Duracraft, unsolicited with an offer. Duracraft was sold to Honeywell for US$283 million.
Product Recall
In 1997, Duracraft was forced to recall numerous humidifiers because of issues with overheating and the humidifiers producing smoke. The company offered replacement units or replacement parts to correct the safety issue. No injuries or deaths were reported from the humidifiers.Kaz
In 2002, Honeywell's Home Envornment business and Duracraft were purchased by Kaz IncorporatedKaz Incorporated
Kaz Incorporated is a manufacturer of small home appliances including air cleaners, humidifiers, fans, blood pressure monitors, heating pads, lawn & garden, and healthcare products....
, who markets their products. These include market-leading Honeywell air purifiers, as well as, a strong range of portable Honeywell fans, humidifiers, dehumidifiers and heaters that are sold throughout the world. This acquisition also added Asia-based manufacturing capabilities that have fueled the company's ability to enter new markets competitively.