Belvedere USA Corporation announced that it is now a privately held company after completion of a purchase agreement between two senior company managers and parent company Proctor & Gamble. Horst Ackermann was president of Belvedere USA and Barry Sanders served as vice president of finance and administration for the company when it was a subsidiary of P&G. Their new titles are principal/chief operating officer and principal/president, respectively.
Belvedere is a leading North American manufacturer and marketer of salon and spa furnishings and equipment. The company dates from 1927 and has always been based in Belvidere, Ill.
The structure of the company will not change under the new ownership.