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FMC FoodTech sold
to holding company |
Local manufacturer FMC
FoodTech announced July 17 their sale to the newly-formed company
PPM Technologies, which is also acquiring Allen Systems and PPM of
Sweden.
The three companies are all manufacturers of food processing
equipment. They will be combined under the holding company of PPM
Technologies, said Tina Owens, a spokeswoman for PPM.
“Our plan is to maintain the business — we don’t see any immediate
changes in the future,” she said.
The holding company will be led by Mark Eaton, former general
manager of Allen Systems.
While no employee layoffs are planned, several executives will be
stepping down, including Steve Austin, human resources manager and
former spokesman for the FMC FoodTech.
“I’ll take some time off,” he said, “but I’m staying here in
Newberg and will continue to be active in the Chamber and other
groups.”
The purchase was funded by Wright Capital Global Equities, a
private equity firm headquartered in Chicago that specializes in
mergers and acquisitions.
Newberg’s FMC FoodTech specializes in packaging equipment and
optical inspection of processed foods, as well as seasoning and
flavoring equipment.
“It’s a pretty large equipment provider,” Owens said.
“Sterilization for canning and poultry freezing are a couple of the
equipment types the Newberg facility specializes in.”
Headquartered in Chicago, it is a division of the FMC parent
corporation, which also manufactures equipment for a variety of
other industries, chiefly oil and gas extraction, as well as baggage
handling and bulk materials handling. |
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From
Aug. 8, 2007,
Newberg Graphic
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