Compco Quaker Hiring Six Months After Acquisition
SALEM, Ohio – Less than six months ago, employees at then Quaker Mfg. Corp. were notified that their plant could close, leaving more than 100 employees without jobs.
In a dramatic turnaround, the company – now named Compco Quaker Manufacturing – looks to add employees as business today improves and the outlook for the plant’s future brightens.
“We added six employees last week,” reports Teresa Reckner, human resources manager at Compco Quaker. “We’re looking to hire an additional nine employees right now.”
A job fair is scheduled between 10 a.m. and 2 p.m. today at Compco Quaker’s plant at 187 Georgetown Road. Those seeking a position with the company are requested to bring their resume and photo identification.
In June, employees were notified that the operation could shut down should its principle lender, First National Bank of Pennsylvania, opt to exercise its rights and ask a court to appoint a receiver to oversee the company’s assets.
First National filed a complaint June 16 in U.S. District Court for the Northern District of Ohio against Quaker and sued the company for default on $4.8 million in notes. A receiver was temporarily appointed to handle the company’s affairs.
According to court documents, Quaker had experienced a net loss of $2.4 million during the first eight months of fiscal year 2017 on revenues of $12 million.
After a series of whirlwind negotiations over a two-week period, though, Columbiana-based Compco Industries was able to secure a deal with the bank, Quaker’s customers, and employee health care providers to pave the way for Compco’s acquisition of the manufacturer, saving the plant from closure. The sale concluded June 23.
Since then, prospects for the company have strengthened considerably.
“We’ve been able to secure additional work and we need to bring staffing levels up,” Reckner said. Compco Quaker’s business is a mix between existing customers and new customers brought in over the last several months as a result of the acquisition.
Compco Quaker manufactures tooling used to stamp parts for the automotive, recreational vehicle and outdoor power industries, while its robotics welding capabilities can perform value-added processes to metal components.
All 105 full-time employees were retained after the acquisition, Reckner said. “We have openings for press operators, laser operator and those with material handling and cycle counting and inventory experience,” she said. Wages vary according to position, but are competitive with other manufacturers in the region.
The HR manager said the last job fair held at the plant was a year ago, and about 50 showed up.
Moreover, Reckner said that it’s becoming increasingly difficult to find qualified and experienced workers in the labor market at the moment. “There’s just not that type of experience out there anymore.”
Copyright 2018 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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