D&E Machining in Corry has been sold, but the new owner does not plan to make any changes at the manufacturing company, 150 Industrial Drive.
Ron Holl, who founded the company in 1993 and moved it from an Erie location to Corry in 1998, said the sale is part of his plan to eventually retire.
Holl wants the business to remain operating and remain in Corry, which the new owners agreed to.
“Part of the secession plan is to make sure it continues running and to keep it in Corry,” Holl said.
The sale involved two parts. The real estate consisting of the building and property was sold to 150 Industrialcore LLC for $940,000.
The machinery, equipment, accounts receivable, and company name, as well as other inventory, was purchased by Cypress Co., a holding and management company based in Akron, Ohio, said Rollie Bauer, president and chief executive officer of Cypress Co.
Bauer said the only change is the ownership. Cypress Co. plans to retain the company name, and it should be business as usual at the 24,000-square-foot facility at the corner of Industrial Drive and Sciota Street.
D&E Machining has 32 employees. Bauer said all employees will retain their jobs.
The business has 20 CNC, or computer numerically controlled machines and manufactures parts for the transportation, bearing and power-transmission industries. All parts are shipped to companies within 35 miles of Corry.
“The plan is for D&E to keep all 32 of its current employees and for the business to remain committed to our employees, the city of Corry and our valued customers in the tri-state areas,” said Holl, who will remain with the company as president and CEO.
Bauer said Cypress Co. wants to continue the success of the company that Holl started.
Bauer said Holl should be proud of the business he created at D&E. He said D&E is a well-organized manufacturing facility with good, clean equipment.
“Ron Holl and his whole team built a fine enterprise,” Bauer said. “It’s to our advantage to invest in that enterprise.”
The city of Corry Redevelopment Authority on Sept. 30 approved funding for the transfer of the company from Holl to Cypress Co.
“The city of Corry Redevelopment Authority put together a $1 million package to assist with the acquisition of D&E Machining, allowing a smooth transition of ownership,” said Rick Novotny, economic specialist for Corry.
The financial package included a $750,000 loan to 150 Industrialcore LLC for the real-estate and a $250,000 loan to DEM Advisors Limited for machinery and equipment.
Bauer said he appreciates the financial support from the city of Corry Redevelopment Authority, Novotny, and Redevelopment Authority adviser Mike McNierney.
As a holding company, Cypress Co. previously owned four companies, three of which are manufacturing companies and one is a distributor.
The manufacturing companies are located in Middlefield, Ohio; Toledo, Ohio; and southwestern Michigan. The distributor produces tire and wheel assemblies for recreational vehicles, utility trailers and other trailers, except for semi trailers.
The purchase of D&E Machining brings Cypress Co.’s ownership to five companies.
“Ron has done a terrific job building that business,” Bauer said. “Our aim is to continue the good work they’ve done and grow the business intelligently in Corry.”