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SENCO went Bancrupt...enter private equity firm

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Forum topic by FEDSAWDAVE posted 05-13-2009 03:31 AM 3055 views 0 times favorited 7 replies Add to Favorites Watch
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FEDSAWDAVE

293 posts in 2897 days


05-13-2009 03:31 AM

Sign of the times, Sencorp filing Chapter 11 then bought out of bancruptcy by a private equity firm. Good, bad, don’t know?

Neither do I. Guess there was no Washington bailout for the staple & nail folks.

-- David, Tools4solidsurface.com


7 replies so far

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a1Jim

115202 posts in 3042 days


#1 posted 05-13-2009 03:49 AM

Hard to believe

-- http://artisticwoodstudio.com Custom furniture

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FEDSAWDAVE

293 posts in 2897 days


#2 posted 05-13-2009 03:59 AM

Actually after digging a little deeper I guess there was a little bailout involved as Bank of America is backing private equity in the short term on this.

Google Cincinnati Enquirer and then type in Senco. Scathing letters from what seems to be people on the inside of Senco commenting about arrogant management who were against change and who thought blowing out seasoned employees was the way to save cash vs taking on a changing global economy. Used two have to regional Ohio plants making all things Senco but lets blow out 600 and make it over there.

I’ll have more to say on their arrogance (“we are Senco afterall”) a little later.

-- David, Tools4solidsurface.com

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GMman

3902 posts in 3162 days


#3 posted 06-27-2009 02:08 AM

FEDSAWDAVE ….Hope your not going bankrupt

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FEDSAWDAVE

293 posts in 2897 days


#4 posted 06-27-2009 02:13 AM

I’m not Senco…

-- David, Tools4solidsurface.com

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GMman

3902 posts in 3162 days


#5 posted 06-27-2009 02:18 AM

That is good I was waiting for a message from you re: 10in. saw blade

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GMman

3902 posts in 3162 days


#6 posted 06-27-2009 02:33 AM

You still on FEDSAWDAVE

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GMman

3902 posts in 3162 days


#7 posted 06-27-2009 02:49 AM

Well FEDSAWDAVE I guess you don’t know me anymore I was sure I had a Buddy but I guess not.

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