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Compco finalizes deal to buy Quaker Mfg.

SALEM — Compco Industries finalized its deal to purchase the assets of Quaker Manufacturing Corp. on Friday, the company said in a prepared release Monday.

The deal was finalized after two weeks of “intense negotiations” between the Columbiana-based Compco and Quaker Mfg. of Salem.

The name of the company will change to Compco Quaker Manufacturing Inc., but there are no immediate changes expected in staffing or employee benefits.

Quaker will also continue to manufacture its current product line.

Compco President and CEO Rick Fryda, said, “We are very pleased to have this opportunity to grow our company in our home community of Columbiana County.”

While it was a quick sale, it was not an easy transaction, he said, adding, “Our team spent the last two weeks talking to all of Quaker’s customers, making sure they would stay with Quaker and with the team who has worked hard over the years to serve them.”

Quaker Mfg. told 115 employees in a hand-delivered letter on June 7 that it could close later in the month.

The notice was in compliance to a 60 calendar-day advance notification of plant closings and mass layoffs of employees, as defined in the Worker Adjustment and Retraining Notification Act (WARN Act).

Fryda said, “We did what we needed to do including purchasing raw materials and outside services to ensure there were no interruptions of product flow.

“That was key in maintaining the current customer base. We want to thank them for their commitment to maintain and grow the relationship with Compco Quaker.” The efforts seem to have paid off as Quaker’s customers are enthusiastic about the future, he said.

Greg Smith, chairman of the board at Compco Industries, said that on behalf of the stockholders and the board, “We are very pleased with the efforts of the teams at Compco and Quaker Manufacturing, the customers and First National Bank.

“I would also like to thank Congressman Bill Johnson, the city, community and government leaders who helped make this possible. Through everyone’s efforts many jobs were preserved to prepare for future growth.”

Compco Quaker, at 187 Georgetown Road, joins two other facilities in Compco’s corporate portfolio: Compco’s main facility in Columbiana, at 400 W. Railroad St., and QFM, at 14000 W Middletown Road, Salem.

Compco is the nation’s premier supplier of tank heads for the pressure vessel, air, propane and water storage industry. QFM specializes in custom metal stampings.

For more information on Compco Industries, visit www.compcoind.com.

lshields@salemnews.net

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