Process Equipment Company
PECo Announces Expansion in Huber Heights
Process Equipment Company (PECo) is pleased to announce its purchase of additional manufacturing and assembly facilities at 4754 U.S. 40 in Huber Heights, Ohio. The added 56,284 sq. ft. of manufacturing space will enable PECo to substantially expand its business during 2012 and beyond. These facilities will specifically be used to house PECo’s Gear Metrology Lab and assembly; several large machines for its Machining operations; the Company’s Welding Services operations; and, the designing and building of complex Custom Machines that enable PECo’s customers to automate high value-added manufacturing activities.
“PECo was built on a tradition of manufacturing excellence,” said Albert Naggar, Chairman of PECo. “We are excited to continue cultivating this rich tradition as we move forward to implement PECo’s aggressive growth plans.”
During 2011, PECo dramatically improved its financial position via a significant direct investment by Mr. Naggar, who is also Managing Partner of Buckingham Capital Partners. PECo stock was previously held by Buckingham’s Fund 1. Mr. Naggar injected additional capital to convert PECo to direct ownership, removing any possible pressure to sell the Company. Mr. Naggar’s investment enabled PECo to eliminate its subordinated debt and preferred stock, which had been part of the Company’s capital structure since Buckingham’s original 2005 investment in PECo. Concurrently, Mr. Naggar made additional cash available to meet PECo’s growing needs.
“It’s very exciting to be able to establish perhaps the strongest balance sheet in PECo’s 65-year history,” continued Mr. Naggar. “We intend to use the Company’s new financial capacity to fund several very high potential growth initiatives that will be driven by PECo’s CEO, Bill Rosenberg. PECo is looking forward to expanding our business into new industries and continuing to provide our customers with the best products and solutions on the market for many years to come.”
Based on both a stable industrial economic outlook and PECo’s specific growth programs, PECo plans to add an additional 30 employees during the upcoming 24 months. Due to its increased capacity and product demand, the Company is already hiring in several areas, including: CNC Boring Mill Machinists, Project Managers, Applications Engineers, Software Engineers / Programmers, Field Service Technicians, Controls Engineers and Maintenance personnel.
PECo was started in Tipp City, Ohio in 1946 by Emmert Studebaker. Over the last 65 years, PECo has provided manufacturing jobs to Ohioans, designing and manufacturing machines for industries such as Aerospace, Defense, Automotive, Energy and everything in-between. In addition to its large, precision machining capabilities, PECo has established an industry-wide reputation as a leader in building custom, high-power Capacitor Discharge Welding and Laser Welding Cells, with an installed base of over 325 systems worldwide. This, coupled with its leading-edge ND300 CNC Analytical Gear Measurement product line, makes PECo a perfect single-source solution for customers around the globe.
For more information on PECo, visit www.peco-us.com or by phone at (937) 667-4451.
