Process Equipment Sold, President Retires
April 24, 2005—Larry Ewald announced his retirement after 27 years at Process Equipment Co. In 1978, he succeeded the company's founder, Emmert Studebaker. According to the company's press release, the company grew to 158 employees located in three facilities in the Tipp City, OH, area and revenues increased from 5 million to more than 25 million during Ewald's tenure.
Coincident with Ewald's retirement, Process Equipment was acquired by Buckingham Capital Partners, a partnership that invests in U.S. specialty manufacturing companies. According to the company's press release, there are no anticipated changes in the operations, and the former shareholders will retain ownership of the real estate and the facilities.
Michael van Haaren was appointed president and will lead the operation. He has worked for seven years in research and quality program development. For the past 11 years, he has served PECo in various engineering, manufacturing and management positions, most recently as Vice President/COO.
In the company's press release, he says, ?PECo has a long history of satisfying its customers in various industries. I am excited about the company's broad prospects for continued growth and success by sustaining its strong customer focus.?
Process Equipment Co. designs, manufactures and sells systems to the automotive transmission, off-highway, aerospace, construction, industrial, marine and office equipment markets.