Eldon James Corp. plans new HQ plant
LOVELAND, COLO. — Molder Eldon James Corp. expects to launch construction of its fourth facility in March with a 75,000-square-foot building in Timnath, Colo., that will become its new headquarters and provide additional manufacturing space.
Eldon James is now based in Loveland, but is seeking final local government approval for the new site. It makes tubing and connectors for the medical, automotive, water purification and transportation industries, with two facilities in Loveland and one in Fort Collins, a company spokesman said. Timnath, Fort Collins and Loveland are within 15 miles of each other.
The company, founded in 1987, currently has 50,000 square feet of manufacturing space across its three sites.
Founders regain outstanding PTi shares
AURORA, ILL. — Dana Hanson and Jon Roberts, founders of Processing Technologies International LLC, have repurchased 100 percent ownership of the sheet extrusion machinery maker from private equity firm Crystal Ridge Partners.
Hanson, president and CEO, and Roberts, senior vice president of operations, purchased the outstanding majority stake Dec. 2, regaining full ownership and in-house control of the Aurora-based company, Hanson said. Terms were not disclosed.
Crystal Ridge Partners of Maplewood, N.J., bought the majority stake in 2005. Hanson and Roberts continued to own 35 percent.
“This is a very positive development and an exciting moment for our company, employees and global customers,” Hanson said. “We have the best interests of the company at heart and we are committed to the long-term growth of the company and its products.”
Hanson said the new ownership will have no impact on day-to-day operations and there will be no management changes.
“Overall our management goals are more aligned in this ownership platform vs. the previous one with diverse ownership,” he said.
The repurchase was completed without any debt leveraging by PTi. Hanson said PTi officials are examining several strategic acquisition targets.
Tasus gets tax break, buying equipment
BLOOMINGTON, IND. — Auto supplier Tasus Corp. is about to spend nearly $2 million on equipment, just a year after another expansion.
Tasus, the Bloomington-based unit of Japan's Tsuchiya Co. Ltd., won approval Dec. 13 from the Monroe County Council in Bloomington for a tax break to help finance the $1.95 million purchase.
The company plans to add a 1,450-ton press and auxiliary equipment to support new work producing parts for auto interiors. Last year, it received funds from the county for $1.5 million to buy a press and equipment to mold parts for auto lighting.
Along with the equipment, Tasus expects to add seven jobs, the company said in paperwork filed with the Monroe County Economic Development Commission. It currently employs 123 in Indiana and has molding operations in Georgetown, Texas. Globally, Nagoya, Japan-based Tsuchiya has more than 30 plants.
Schield to shutter 556-employee plant
MEDFORD, WIS. — Schield Family Brands, which makes vinyl windows and doors, will close its office and manufacturing facility in Mosinee, Wis., and transfer work to other facilities by the end of 2012, according to a news release from the company.
The firm, which operates SNE Enterprises Inc. in Mosinee, said the closure is the result of sustained weakness in the housing market, coupled with the local union's refusal to agree to proposals and extend the current contract. The United Brotherhood of Carpenters and Joiners America Local 1594 did not return phone calls.
The closure will affect about 556 manufacturing, office and transportation employees. The company said the positions will be transferred from Mosinee to Schield Family Brands sites in other Wisconsin facilities: Park Falls, Ladysmith and Medford.
Company officials declined to comment. A story in the Wausau Daily Herald said union officials are trying to keep the plant open and have written to the company asking for further discussions.
In August, the company told the state it would close its Park Falls, Wis., plant, beginning in October. However, the Department of Workforce Development said the facility is still open.
Schield Family Brands is based in Medford and has been manufacturing doors and windows since 1955. Its Mosinee plant primarily makes vinyl windows and doors. The company's brands include Weather Shield, Peachtree, Visions and Crestline.