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http://www.timesleader.com/business/30_local_jobs_saved_at_Coates_Toners_01-16-2009.html
30 local jobs saved at Coates Toners
Three company executives bought business from parent Sun Chemical last month.
DALLAS
TWP. – Facing the loss of jobs and the end of Coates Toners, three
company executives bought the business from its parent owner, Sun
Chemical, last month.The deal announced Thursday saved 30 jobs at the
manufacturer of toner for copiers, laser and digital printers on
Country Club Road.Four additional positions could be created as Coates
transfers equipment to make color toner from a division Sun closed in
the United Kingdom in December, said Paul Clothier, chief executive
officer of the local operation.“We’d love to be able to install that by
the middle of the year,” he said Friday.Clothier, chief
marketing officer Larry Berti and Jim Collins, chief financial officer,
teamed up for the management buyout. Terms of the deal were not
disclosed.The management team worked with the law firm of Rosenn
Jenkins & Greenwald and Pennstar Bank to make the deal happen,
Berti said.“They came to our side and supported us,” he said.As a
result Coates is in the hands of local owners. Berti is from West
Pittston. Collins, a Scranton native, lives in Nanticoke. Clothier, a
native of the UK, lives at Harveys Lake.Sun, a worldwide leader
of printing inks and pigments, wanted to focus on its core business and
had the option of liquidating Coates or selling it for a good
price.“We’ve been working with Sun since August,” Collins said.The
three executives have years of experience with Coates, a well known
name in the industry. “We didn’t want to see that name disappear and we
didn’t want to see people lose their jobs,” Clothier said.Plus the
business is profitable, said Berti. “We’re looking at every bit of
$10.5 million in sales for this year,” he said.Berti said management
believes it can increase sales by 10 percent to 20 percent next year.
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