JOHNSTOWN, Pa. (AP) — A New York private equity firm that specializes in distressed companies has purchased a 103-year-old wire-making plant in western Pennsylvania.
Johnstown Wire Technologies, about 60 miles east of Pittsburgh, was founded in 1911 as Johnstown Wire Mill, then a part of Cambria Steel. It was later purchased by Bethlehem Steel Corp. and became Johnstown Wire Technologies when it was purchased and taken private in 1992.
The (Johnstown) Tribune-Democrat (http://bit.ly/1mRxkHN ) reports Aterian Investment Partners LLC, of New York City, plans to continue to producing steel wire products for electrical and other industries at the plant.
Johnstown Wire spokeswoman Mary McCool says the acquisition is "not going to have any impact on how we operate or the customers we sell to."
The company has about 260 employees, 210 represented by the United Steelworkers of America.
Information from: The Tribune-Democrat, http://www.tribune-democrat.com