Woodex Bearing workers adjusting to employee ownership

By Frank Antosiewicz
Correspondent

Published: March 30, 2012 6:00 am ET

Related to this story

Topics Machinery, NPE 2012

ORLANDO, FLA. (March 30, 11:20 a.m. ET) — Since its inception, Woodex Bearing Co. Inc. (Booth 63012) has been evolving. Now the maker of Meco dry-running shaft seals is doing business as an Employee Stock Ownership Plan company.

“Becoming an ESOP was a long planned affair,” said Starkey Steuernagle, Woodex general manager, in a telephone interview.

He said Chairman Emeritus David Bowers and his wife Betty sold their majority stake in the company Jan. 1 to the employees as a way to ensure that it continues as a “Made in Maine” company.

”It hasn’t sunk in yet. Most of the experts say that it takes a few years for it sink in. It has increased our debt load, but we feel good that in the long run we will still manufacture the same product lines with a strong reputation for quality and customer support,” Steuernagle said.

He added, “We feel that we can only grow as people take stock in the company.”

Steuernagle noted that many employees have been with the company for 15 years and more. Vice President Steve Williams started as a teenager and has been there for over 30 years. President Glenn Irish has been with the company for 24 years.

Woodex currently employs 28 and operates in a 17,000 square foot facility in Georgetown, Maine, that combines conventional machine tools with state-of-the-art numerically controlled machines.

The company actually started in 1908 in Wakefield, Mass., as a trademark describing the Neveroil Bearing Co.’s oil-impregnated wood bearings. It was later named Wakefield Corp., then became Woodex Bearing after another change of ownership.

Woodex has served the plastics industry for many years by providing shaft seals for process machinery, mostly for extruders and dryers. They are also used in mixers and blenders.

“Most are used in primary resin manufacturing where resin is dried and extruded to pellet form. It also can be used where compounded with fillers and colorants,” Steuernagle said.

Woodex attended its first NPE in 2009 and this year is showcasing its newest model HB seal for screw conveyors


Comments

Woodex Bearing workers adjusting to employee ownership

By Frank Antosiewicz
Correspondent

Published: March 30, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Battenfeld-Cincinnati secures major Chinese extruder deal

September 2, 2014 10:58 am ET

An undisclosed major Chinese pipe manufacturer has ordered 25 extruders from German-Austrian company Battenfeld-Cincinnati's subsidiary, Battenfeld-...    More

Image

Haitian's standardization efforts paying off

August 29, 2014 9:53 am ET

Streamlined design efforts and robust export sales helped propel Ningbo, China-based injection molding machine manufacturer Haitian International...    More

Image

American Starlinger-Sahm begins work on new US headquarters

August 29, 2014 10:18 am ET

American Starlinger-Sahm Inc., which sells equipment for woven plastic bag production, PET recycling equipment, sheet extrusion and laminating lines...    More

Image

Sidel opens training center in Mexico

August 29, 2014 9:00 am ET

Swiss machinery company Sidel Group has opened a new training center in Guadalajara, Mexico, featuring a virtual factory environment, augmented...    More

Image

Haitian to start assembly of injection presses in India

August 25, 2014 2:59 pm ET

Chinese press maker Haitian International Holdings Ltd. plans to expand its operation in India.    More

Market Reports

Thermoformed Packaging 2014 Market Review & Outlook North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Pipe, Profile & Tubing Extrusion in North America 2014

U.S. demand for extruded plastics is expected to grow by 3 percent in 2014, with PVC remaining the largest segment.

Plastic pipe will post the strongest gains through 2018, continuing to take market share from competing materials in a range of markets.

Our latest market report provides in-depth analysis of current trends and their financial impact on the pipe, profile and tubing extrusion industry in North America.

Learn more

2014 Injection Molding Industry Report

GROWTH, OPPORTUNITY IN SIGHT FOR INJECTION MOLDERS IN 2014

In the wake of the economic turbulence earlier in this decade, molders today find themselves in much better shape. Molders are gaining a competitive advantage by investing in people, equipment and seeking inroads into new markets on a global scale.

Growth in the injection molding industry is going to be driven by low financing costs and a continued move to reshore some business.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events