WRRB/Telegram District City Council Forum 10/18
-
This forum is for all district council candidates; all candidates are here
today. Format: 14 total questions, 4 questions across districts (for all
candida...
6 months ago
3 comments:
Interesting story in the T&G 12/31/07 on Fitchburg Airport expanding their runway to attract general aviation.
If Worcester is unable to attract commercial flights and Fitchburg is positioning themselves to increase their piece of the private aviation "pie", what other revenue producing services can the airport hope to generate?
My hope for 2008 is that Winward Aviation decides to build hangars.
We get more aircraft so it will be profitable for the businesses on the field to service these new customers. And possibly increase cargo operations (i.e. create a niche business the other airports are unable or unwilling to provide)
Anyway Happy New Year. May 2008 bring positive change.
john
I'm Baaaaaaaaaaaaaaaaaaaaaaaaack!
After formally observing the 40 day mourning period for my departed son, I am dusting off the soapbox and getting ready to wreak havoc once again. I did managed to get published during my absence from this blog, whereas I was having funeral services for my son, who sustained a vaccine injury at 4 months old and had to deal with that injury up until he was 7, I couldn't help notice a forced vaccination campaign going on in Maryland and New Jersey so thus, I took action:
http://www.fredericknewspost.com/sections/opinion/display_lte.htm?StoryID=69059
In any event, I'm back and prepping my keyboard for further blogging in 2008.
Harry Tembenis
Worcester, MA
Ugh! More jobs leaving Worcester...
Jan 1, 2008
Parker Products sold to Ill. firm
Assets are sold; 33 to lose their jobs
By Lisa Eckelbecker TELEGRAM & GAZETTE STAFF
leckelbecker@telegram.com
WORCESTER— An Illinois business backed by a private equity firm has purchased the assets of Parker International Products Inc., a deal that ends Parker’s 85 years in business and puts 33 people out of work.
Parker reported yesterday that it had sold assets such as merchandise, displays, customer lists and intellectual property for its home hardware and utility carts business to The Faucet-Queens Inc. of Vernon Hills, Ill. Faucet Queen is largely owned by PNC Equity Partners L.P., a Pittsburgh-based private equity investment firm.
Financial terms of the deal were not disclosed. Faucet Queen did not purchase the assets of Parker’s wire forming and nails business, but that operation essentially shut down after a 2005 flood of Parker’s facilities on Stafford Street.
The purchase brings together two companies that sell home hardware and convenience products. Both distribute items such as hammers, screw-in wall hooks, circular felt pads for the bottom of furniture and related items. Faucet Queen sells goods under the “Helping Hand” brand. Parker sells items to dollar stores and also distributes rolling utility carts to retailers such as Bed, Bath & Beyond.
Although Parker once manufactured metal products and employed about 500 people, the company has focused in recent years on distributing products made elsewhere, notably in China. Slim margins, the cost of doing business in New England and the two companies’ related product lines were among the factors that prompted Parker’s three owners to make the sale to Faucet Queen, said Jordan Levy, Parker chief executive and co-owner.
“It was just the perfect marriage of two companies,” Mr. Levy said. “If I were in a position to buy them, it would’ve been a great buy.”
Parker officials, who told workers of the deal yesterday, encouraged Faucet Queen to keep operations in Worcester.
“Unfortunately, what’s not a good deal is I have to close my facility here in Worcester, but it’s beyond my control,” Mr. Levy said.
Faucet Queen Chief Executive William F. Schmidt could not be reached yesterday for comment.
Parker, formerly known as Parker Metal Corp., is owned by Mr. Levy, Vice President of Finance Richard J. Noonan and Vice President of Operations Dennis Foley. The three men purchased the business in 2000 from the family of Peter A. Consiglio.
Heavy rains in October 2005 led to flooding at Parker’s facility. Mr. Levy, a former mayor of Worcester, said the company was unable to obtain government assistance after the flood and struggled to recover. Price competition from overseas manufacturers hurt, too, Mr. Levy said.
“China made a big difference,” Mr. Levy said. “We tried to be identified as a U.S. manufacturer, but we couldn’t fight China.”
Faucet Queen was sold in 2006 by Masco Corp. to PNC Equity Partners. According to a news release at the time, Faucet Queen’s managers and a venture capital firm also invested in Faucet Queen. PNC Equity’s investments include Home Made Brand Foods of Newburyport, a maker of food products for groceries, restaurants and food brokers and distributors.
Mr. Levy said Parker will shut down operations by the end of February.
Post a Comment