Big changes are coming to two area businesses. One long-time family-owned company is being sold and one local store, which is part of a national chain, is being closed.
For almost 70 years, the Hite Company, headquartered in Altoona has been a family-owned independent electrical distributor. At its showroom in the city, customers can buy light fixtures for their homes or businesses, but the company has grown to 22 locations in three states.
Mayer Electric Supply with more than 57 locations in twelve states is buying the Hite Company, effective March 26. Hite Company Owner Lee Hite says his 300 employees will retain their jobs, and the existing locations will retain the Hite name. He says the sale is a friendly deal and he expects the business to grow.
Meantime, closing sale signs are up at Value City Furniture Store in Altoona. The national chain that owns the store hasn’t yet responded to our request for comment.