Two managers are stepping in to buy and save a North Canton, Ohio, custom injection molder.
Bill Allen, vice president of sales, and Howard Galberach, vice president of operations, have a letter of intent to buy Bocko Inc., Allen said Feb. 28.
Bocko had filed a notice Feb. 20 with the state of Ohio warning employees that it planned to shut down April 20, a move that would have affected 151 workers.
Now, instead, the company will continue as an ongoing operation.
``We're committed to this industry despite a lot of negative things going on,'' Allen said. He said the company has been suffering through ``the worst economy since the 1970s.''
``We're at the low tide of everything right now, but there are prospects for new business,'' he said.
Allen and Galberach are buying the company from two current owners. Bocko began operations in 1986, although some predecessor companies date even earlier.
Allen said business is down, but Bocko has not lost any key customers. The company molds a variety of products, including food containers and housewares.
Bocko has 28 injection molding machines, with clamping forces of 300-950 tons, in one facility. At its height, the firm employed 250.
Asked if it was difficult to win financing, Allen said: ``Banks don't lend to manufacturing businesses; they lend to people. We have a very, very good reputation. We're very active in the community.''
Allen has been with Bocko about 31/2 years. He is an accountant and former president and owner of Service Packaging Corp., a plastic product distributor.
Galberach has been at Bocko about 21/2 years. Most recently he worked for PolyOne Corp. of Cleveland.