July 23, 2013
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Sources: Pemco sold to New York-based company By SCOTT WRIGHT LEESBURG — Pemco International, the Leesburg-based manufacturer with facilities on four continents, is in the process of being sold, The Post has learned from sources both inside and outside the company. “The sale is finalized,” one source with knowledge of the negotiations said last week. Pemco officials have so far refused on-the-record comments regarding the sale, but at least two sources have told The Post that Prince Minerals, a company headquartered in New York, N.Y., is the buyer. Calls placed to the marketing department at the corporate headquarters of Prince Minerals in midtown Manhattan to try and further confirm the information were not returned by press time. According to one source who requested anonymity, company officials have been “going through the process” of signing the paperwork and expect to complete the transaction by the first week of August. Financial terms are unknown at this time. Pemco's union employees in Leesburg were informed of the sale last week, other sources said. Founded in Baltimore in 1911 as Porcelain Enamel Manufacturing Corporation, Pemco moved its entire corporate headquarters and primary production facilities to Leesburg six years ago. “The entire operation will cost about $10 million,” Pemco President Jon Davies told The Post in May 2007. Pemco has operated a factory in Leesburg with several dozen workers since purchasing the facility from the former Chi-Vit Corporation in 2000. The two had been major competitors for years before Pemco bought out Chi-Vit. According to the Pemco International website (www.pemco-intl.com), the company specializes in enamel and glass coatings and supplies specialty glazes, glass coloring frits and conductive coatings to the ceramic, glass, construction, aircraft and auto industries. Prince Minerals, a leading supplier of specialty minerals, raw materials and additives for industrial and agricultural applications, was formed a decade ago as an offshoot of Prince Manufacturing Co., originally founded in 1858. Since 2003, Prince Minerals has acquired several companies in North America and Western Europe that manufacture “complementary products,” according to their website (www.princeminerals.com). “Today, Prince Minerals is a leading processor and value-added distributor of specialty minerals, raw materials, and additives with production and warehousing facilities across North America, Latin America, and Europe,” reads the website. Leesburg Mayor Ed Mackey told The Post he had spoken with a source at Pemco who seemed “excited” about the sale and what it means for the future of the facility and its employees. “I'm well pleased,” Mackey said. “I think this will be good for Leesburg.” Mackey said Pemco officials have understandably been tight-lipped about the details of the sale, possibly out of deference to the new owners, who may have wanted to be the first to release the information. “Hopefully, we'll know more about the sale next week,” Mackey said Friday. |