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City retains 300 jobs in South End
New ownership of Michael Bianco to maintain and later
expand current workforce at New Bedford factory
 NEW
BEDFORD, Mass., Nov. 3 /PRNewswire/ --
Eagle Industries of St. Louis, Missouri, today announced
its purchase of the Michael Bianco manufacturing
facility in New Bedford effective today. Eagle will be
drawing on the skills of the current workforce at the
Michael Bianco facility and transitioning the 300
current employees over to the new ownership to begin
immediate work on military backpack and vest systems
used to carry necessary soldier equipment required by
the Army.
An industry leader in personal protection equipment,
backpacks and vests for our soldiers, Eagle Industries
will bring its long standing manufacturing skills in the
personal military equipment arena to Massachusetts.
Eagle's highest priority upon gaining ownership of the
Bianco operations will be honoring two prior Army
contracts held by Michael Bianco for Modular Lightweight
Load-carrying Equipment (MOLLE) that enables soldiers to
carry needed gear in a safe and efficient manner. At
present, Eagle holds orders for approximately $37
million in MOLLE systems that Michael Bianco was under
contract to produce for the Army. Significant future
orders under this contract are expected as well over the
next few years.
In addition to fulfilling the Army's backpack and vest
needs, Eagle will be working to secure government
contracts for similar soldier support items to be
produced at the New Bedford facility. This steady
business will ensure stability for the factory's
workforce and should enable the company to eventually
hire additional area workers.
Eagle is anticipating a smooth workforce transition
process that will begin on Monday, November 5, and allow
employees to begin work at the newly formed Eagle
Industries-New Bedford facility by early next week. All
Eagle New Bedford employees will be offered to
participate in a Blue Cross/Blue Shield health care
plan.
"As a family-run business, we place a great deal of
importance on the quality of our products and ensuring
the best possible working environment for our
employees," said the Vice President of Eagle Industries,
Scott Carver. "Our industry experience coupled with the
skilled New Bedford workforce will allow us to continue
to provide our soldiers with the very best gear. It is a
perfect fit. We are really looking forward to forging
and growing our relationship with the community of New
Bedford."
Founded as a sewing company in a basement in Missouri,
Eagle Industries remains family-owned and has grown over
the past 30 years to three production facilities
employing over 1,700 people. Eagle's ability to design
and manufacture top quality products for our military
and first responders has earned the company a reputation
as a world leader in highly technical nylon gear. This
consistent growth in an otherwise struggling U.S.
manufacturing industry has allowed Eagle to continue to
expand its operations and provide new employment
opportunities in all of its facilities.
New Bedford Mayor Scott Lang said, "I am pleased to
learn that a strong, reputable firm has acquired the
Michael Bianco factory and has preserved hundreds of
jobs offering fair wages and good benefits to legal
residents. The return of this New Bedford company to the
list of businesses eligible to bid for government
contracts begins a new era of strong a partnership with
the City of New Bedford. I look forward to working with
the Eagle Industries leadership to secure future
contracts that will spur further job growth in our
city."
Officials on both the federal and state level in
Massachusetts indicated that they were pleased by the
transition of ownership and were hopeful that this move
would bring job security to employees and eventually
lead to new employment opportunities in the New Bedford
area.
Senator Ted Kennedy said, "I'm very hopeful this
announcement will mean a bright future for many
hard-working Michael Bianco employees, bring new
investment to New Bedford, and mark the beginning of new
vibrant relationship for workers and management."
Senator John Kerry said, "I am happy to welcome Eagle
Industries to Massachusetts and to New Bedford. This is
terrific news that New Bedford will continue to provide
our troops with the tools that save lives and keep the
military running while we keep good jobs right here in
the community."
Massachusetts Secretary of Housing and Economic
Development Dan O'Connell said, "We are pleased to see
that Eagle Industries has invested in the Commonwealth
and created both job security and future growth
potential for New Bedford."
State Senator Mark Montigny said, "Our soldiers deserve
the best tools on the battlefield and their military
equipment must be of the highest quality. Our workers
are among the most skilled and hard working in the
nation. This transfer of assets will end the fear and
insecurity felt by the employees and will lead to
significant job creation for New Bedford residents."
State Representative Antonio F.D. Cabral said, "It's
great to have a company that will not only protect the
existing jobs, but bid for additional contracts to
create new jobs. This is good news for New Bedford and
good news for hundreds of hard working men and women and
their families."
About Eagle Industries:
Eagle Industries is a world leader in tactical nylon
gear for the military and law enforcement community.
Headquartered in St. Louis, Missouri, the company
employs over 1,700 people worldwide and produces over
5,000 products, manufacturing and distributing these
products to meet specific military and first responder
needs. The company began in 1974 in the basement of
current owner John Carver's mother's home. It was
incorporated as Eagle Industries in 1982 and remains in
family hands.
Frontenac Financial Group, Inc. of St. Louis served as
Eagle's financial advisor and facilitator in this
acquisition.
Sourse: Eagle Industries |
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