An Indiana investment company has purchased some of the assets of Janco Composites Inc. of Mishawaka, Ind., and is planning to keep the plant open and operating under a new name, Janco Engineered Products LLC.
MacLean Investment Partners, a division of MacLean-Fogg Co. of Mundelein, Ill., acquired Janco's operating assets, according to Gene Pucek, MIP chief financial officer. He said the new company has leased the 80,000-square-foot facility it occupies and has rehired its 145 employees.
Janco makes fiberglass-reinforced plastic products for electrical distribution, power tools and other markets. Its composites use custom resin systems of epoxy, polyester and vinyl esters to develop various pultruded shapes.
“Resources available through MacLean Investment Partners will accelerate Janco's growth by investing in research and development and engineering for existing and new technologies. MIP's long-range investment strategy will result in an expanded product line and will open new markets,” MacLean-Fogg Chairman and CEO Barry MacLean said in a news release.
Pete Giczewski, former chief production officer at Janco, is the new president, Pucek said. He said MIP invests in smaller companies and expects to grow the business. It has investments in eight manufacturing concerns.
“We think they are a great company that needed a benefactor. It is a perfect fit for us. We manufacture a lot of highly engineered products that we feel that America can be competitive with,” he said.
Janco remains in the community where it started in 1973. MacLean-Fogg, which started business in 1925, now also operates MacLean Power and MacLean Vehicle Systems, as well as MIP.