Sonnax owner sells to managers

first_imgSonnax Industries,by Kevin Kelley Vermont Business Magazine The co-founder of one of Vermont’s fastest growing manufacturing companies has sold the business to its top two executives.Sonnax, a Bellow Falls automotive parts maker recently named Vermont’s Exporter of the Year, changed hands for an undisclosed sum in a deal announced last week. Neil Joseph, who founded the company with his father in 1978, made the sale along with minority shareholder David Landa.The new owners are Tommy Harmon and David Bedard, who had worked, respectively, as chief operating officer and vice president of sales and marketing. Harmon, who becomes president and CEO, had formed a 50-50 partnership with Bedard, now the company’s chief operating officer.”We really saw this as a great opportunity for my partner and me to continue growing the business,” Harmon said.Sonnax has recorded double-digit growth rates for each of the past few years. And Harmon says he expects expansion to continue at a 10-12 percent annual pace. With 165 employees in Bellows Falls and business operations in 60 countries, Sonnax has revenues of about $36 million a year.It is this performance that led the Vermont Business and Industry Expo to honor Sonnax in May as its Exporter of the Year.The company makes automatic transmission components, including a governing device that Joseph designed around the time that Sonnax was launched.Joseph was unavailable for comment this week, but in an interview in April he attributed the company’s success partly to its recruitment of a multilingual sales staff. “Being able to speak to customers in their own languages helps us greatly in the markets where we want to be,” Joseph said then.He added that Sonnax was committed to staying in Vermont despite the difficulty of hiring locally for some positions. State economic development officials awarded Sonnax $725,000 in tax credits over five years in a successful attempt to persuade the company to expand in Vermont rather than in Tennessee, as it had considered doing. In return, Sonnax said it plans to add 75 workers in the next few years.The new owners told The Rutland Herald that they intend to sustain the company’s policy of paying livable wages. Harmon said no full-time worker makes less than $10 an hour, while the average annual salary exceeds $30,000.Joseph, 48, will stay on as a consultant for the next three years. In a prepared statement, he expressed satisfaction at having sold the business to Harmon and Bedard, “who I believe have the ability to take this company to the next level.”last_img read more

Barclays to sell £900m loan book

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Erasmus considering Munster position

first_imgAccording to the Irish Independent he’s already spoken to the province but is also considering offers from Japan and Europe.Erasmus is currently South African rugby’s general manager but is leaving that position at the end of the season.last_img

Rangers legend pleads for more investment

first_img1 Rangers legend Craig Moore has pleaded for more investment into his former club, so they stand a chance of returning to the top of Scottish and European football.Former skipper Moore won twelve major honours with Rangers including five league championships and a domestic treble in 2003.But the Aussie international defender admitted he had feared for the club’s future amid reports Rangers were taking a £10m loan from Mike Ashley’s Sports Direct just to stay in business.Moore, 39, said: “When I consider what Rangers have been through in recent years with the financial mess, the relegation and the general demise of the club, then I just hope that the club gets the investment that it desperately needs.“The club is in danger of going out of business which for me would seem unthinkable, but it could happen if they don’t sort this new financial crisis out quickly.“A proper investor with a long-term plan can not only restore Rangers to the pinnacle of Scottish football. but eventually bring back Champions League football to Ibrox.“So from where I stand at the moment I don’t care whether it is Mike Ashley, Dave King, Douglas Park or Joe Bloggs.“I’m not too bothered as long as the deal is right for the long term future of Rangers.“The priority for me is that the club is restored to the one that I love and hold so fondly,”Moore also played for Newcastle, departing in 2007, the summer Ashley took over at the Toon.Speaking to football networking site Network90, he added: “My departure had nothing to do with his arrival. I suffered some bad injuries over those two seasons and moved back to Australia with Brisbane.“At the time Newcastle United was in trouble and Ashley got the club back on its feet.” Craig Moore last_img read more