Florence, SC, July 3, 2006 - The Simonds International industrial knife and saw manufacturing plant located at 1435 North Cashua that had been scheduled for closure later this year will remain open and operating in Florence thanks to a group of executive employees who have reached an agreement with Simonds International to purchase the Industrial Products manufacturing facility and the associated sales and marketing rights to specific product lines not core to Simonds future operating plans. The new company will return to its roots and operate under its former name. International Knife & Saw, Inc. (IKS)
"We're excited about this new business opportunity and all of the possibilities in store for International Knife and Saw and its employees here in Florence." said Terry Isaacs, Vice President of Marketing. "The positive economic impact on the area, and the quality of life offered in the Pee Dee made this a win-win situation for everyone involved."
According to Isaacs there will be no interruption in service during the transition from Simonds International Corporation to IKS. With combined experience of over 85 years in the industry, a knowledgeable and skilled management team will lead IKS into the future. The ownership team combined with an existing work force of veteran employees will forge together into a formidable team that will be a force within each market in which they participate.
The new owners, Mike Gray, David Graham, Terry Isaacs and Jim Ranson will be actively involved in the day to day operation of the company. There will be no outside equity partners involved in the ownership or management of the company thanks to a strong financial commitment from Wachovia Bank in Florence. Mr. Joe King and staff of the Florence County Economic Development Partnership were also instrumental in assisting the new owners during the initial planning stages of their new company.