posted on August 19, 2011 16:17
Lapp Insulators, LLC announced today the majority buy-out of the company by a group of managers partnering with Quadriga Capital investment firm. All shares of the high-voltage insulator company were purchased from Andlinger & Company, Inc. Terms of the sale have not been released.
Lapp's annual sales reportedly exceed $185-million annually.
U.S. Operations President Rob Johnson told WBTA News this afternoon that the company's LeRoy operation, which includes its worldwide headquarters, is staying put.
"Lapp Insulators and the Village of LeRoy are synonymous in many ways, and we plan to keep it that way," said Johnson. "I told our employees this morning: we've gone through some hard times together, we've weathered them together...and now things are looking up to make this facility stable for the long run."
Johnson says Quadriga Capital was selected to finance the buy-out because of its belief in the managerial strategic plan, which included keeping and growing the LeRoy base.
According to Johnson, the company plans to expand LeRoy's operation by about 10% each year. That translates to roughly 12 jobs added, at least for next year, he said.