Schwab Corp., a Lafayette company founded shortly after the Civil War, has been acquired by another manufacturer of safes, Rochester, N.Y.-based SentrySafe, for an undisclosed price.
Schwab employs 105, including 80 at its manufacturing plant in Cannelton. In addition to safes, the company makes files, cabinets and vault doors.
SentrySafe makes residential and small office security-storage containers.
Schwab will become a subsidiary of SentrySafe. Schwab’s products will be expanded into markets already occupied by SentrySafe, SentrySafe executives said in a statement.
Founded in 1930, SentrySafe has 600 employees and distributes its products to more than 50 countries as well as at retailers including Wal-Mart, Target, The Home Depot and Lowe’s.