DUNBRIDGE, OHIO (May 25, 1:25 p.m. ET) — Specialty film maker Blako Industries Inc. closed at the end of March and the blown film equipment in its plant in Dunbridge has been sold, President Ed Long said.
“We were hit very hard by the recession. We were heavily into automotive and we struggled to recover,” Long said in a May 24 telephone interview. Blako had about 15 employees, he said.
Long was one of the first employees in 1970 when John Kretzschmar and three other investors formed Blako. Long was plant manager, getting the film equipment installed and running the plant. Kretzschmar, the president, handled sales.
Long soon began investing in the company.
In 1996, Long, who was then vice president, and Chuck Hansen, the executive vice president, bought Kretzschmar's shares and acquired Blako. Long was majority owner.
Long said the company's lines of credit fell into default, then the company ceased operations.