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

Audacious vandal stuns Taipei Plas

September 29, 2014 4:59 pm ET

Melodrama erupted at the traditionally tranquil Taipei Plas trade show on Sept. 28 when a mysterious intruder flung red paint at the Baumüller...    More

Image

Shini pushes into western China

September 29, 2014 4:28 pm ET

Despite intellectual-property brigands, Taiwan's Shini Plastics Technologies Inc. is zestfully pursuing the enormous Chinese market for plastics...    More

Image

Global giant Foxconn to make, sell molding machines

September 26, 2014 2:48 pm ET

For years, Taiwan's Foxconn Technology Group has been the world's largest contract manufacturer for electronics, with more than 1 million employees...    More

Plastics Machinery Group now offering injection presses

September 26, 2014 10:46 am ET

Solon, Ohio-based Plastics Machinery Group is expanding its machinery offerings by adding injection molding machines to its inventory and adding a...    More

Image

Swiss thermoforming machinery firm WM Wrapping setting up US office

September 25, 2014 2:21 pm ET

Thermoforming industry veteran Kent Johansson has a new gig: Running a U.S. facility for Swiss sheet line and thermoforming machinery maker WM Wrappin...    More

Market Reports

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our industry analysis highlights macro industry trends and micro trends faced by companies that do business in Mexico. The report also provides key industry statistics and forecasts to anticipate future industry expansion.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Upcoming Plastics News Events

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

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

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events