Davis-Standard LLC will retain the Gloucester Engineering Co. plant for now — where Gloucester Engineering workers went to work the Tuesday after Labor Day as Davis-Standard employees — but DS officials plan to move production in the future.
Davis-Standard, based in Pawcatuck, Conn., bought Gloucester Engineering, the maker of film equipment in Gloucester, Mass., in a deal announced Sept. 4. The move strengthens Davis-Standard's position in blown film equipment. The company manufactures Egan equipment for blown and cast film at the Black Clawson plant in Fulton, N.Y., using some components made in Pawcatuck, according to Davis-Standard President and CEO Jim Murphy.
“Davis-Standard has continued current operations at the existing site with existing personnel,” Murphy said. “Through a longer-term integration process, Davis-Standard plans to consolidate production in Pawcatuck, and maintain a sales, engineering and service office in Gloucester.”
About 50 people work at Gloucester Engineering, he said.
Murphy said Davis-Standard will retain the Gloucester brand — a well-known global name in blown film equipment.
Davis-Standard bought Gloucester Engineering from private equity owner Blue Wolf Capital Partners LLC, which owned the company since 2011. Davis-Standard is owned by Oncap, part of Onex Corp.
Murphy said Blue Wolf has retained Gloucester's Pearl Technologies business in Savannah, N.Y., which makes customized aftermarket products for film converting.
Gloucester Engineering was founded in 1961 in Gloucester, a town in northeastern Massachusetts known as one of America's oldest seaports, and a center of fishing and tourism. The Gloucester Times newspaper said the machinery maker is the city's oldest, non-marine industrial firm.
Gloucester Engineering was hit hard by the Great Recession, and faced layoffs and financial troubles. New York-based Blue Wolf, which had provided debtor-in-possession financing to the machinery maker to ensure its continuing operation, converted the secure debt to equity ownership as Gloucester Engineering emerged from Chapter 11 bankruptcy in January 2011.
Blue Wolf, local management and the unionized plant workers took action to rejuvenate the business.
