Majority ownership of Topcraft Precision Molders Inc. has crossed over to three top executives, but founder George Gibson still will contribute to the business.
Paul Gandolfo, Oscar Musitano and Young Sil Ortiz now hold a controlling interest in the custom injection molder, while Gibson takes on new duties as secretary/treasurer in a deal for an undisclosed amount announced May 20.
``This is the same group of senior managers that has and will continue to run the company for many years,'' Gibson said in a letter to customers. ``They share my philosophies and Topcraft's commitment to customer satisfaction.''
Gandolfo previously was president of the Warminster, Pa.-based firm. He now is chief executive officer and president. Musitano moves up from plant manager to vice president of operations while Ortiz, formerly global sourcing director, now is vice president of sales and global sourcing. The three will focus on bringing growth opportunities to the 35-year-old company.
``George is looking out for the long-term survival and growth of the company,'' said Dan Bohn, regional sales manager. ``Everybody there has the same philosophy as him, and that was very important to George in terms of making sure there was a high level of commitment to the business.''
The company has about 100 employees and 53 presses with clamping forces of 40-400 tons. It specializes in highly engineered components for a variety of industries with capabilities in insert molding, overmolding, welding, printing and assembly.
Topcraft works with customers in the automotive, medical, electronic and packaging businesses. It posted about $15 million in sales for 2002.