The Chautauqua County Industrial Development Agency Board has approved a $1 million loan to help keep ownership of Weber-Knapp local.
The purchase is being made by Weber-Knapp President Rhonda Johnson and Weber-Knapp Chief Financial Officer Wayne Rishell.
It includes the two facilities located on Chandler Street in Jamestown and the facility on Allen Street in Falconer; which are comprised of 243,000 square feet of space.
Weber-Knapp has been operating in Jamestown for 114 years, when the company started as a manufacturer of hardware for the furniture industry. It is now the premier designer and manufacturer of motion control and hardware products/accessories for the luxury appliance, outdoor appliance, industrial, medical equipment, and office furniture industries.
The company was acquired locally by the current ownership of Rex McCray and Donald Pangborn in 2011. Prior to that, the company was under foreign ownership and at significant risk for being relocated out of Chautauqua County or ceasing operations. McCray and Pangborn are selling the company with plans to retire.
McCray and Pangborn will finance a portion of the acquisition price with the CCIDA, Evans Bank and Cattaraugus County Bank assisting with funding to complete the purchase. The new owners will inject personal equity to complete the financing.
Weber-Knapp currently has 104 full-time employees and 14 temporary employees. EZ Office, Kaohsiung Taiwan, which has 11 employees, is a fully-owned subsidiary of Weber-Knapp Co. Inc.