BY MARC SILVESTRINI, REPUBLICAN-AMERICAN
PM Engineered Solutions Inc. of Watertown laid off 22 workers two days before Christmas, the chief executive and part-owner of the company confirmed Friday. The company was forced to reduce its payroll because of the struggling economy’s effect on orders, but does not anticipate making any further job cuts, said CEO Wayne Frerichs of Andover, Mass.
The company has about 150 employees and is still seeking to fill a number of management and corporate planning positions, Frerichs said. He also said he has “absolutely no intention” of either closing the company or moving it, citing the “significant investment” the owners have made both in the company and in the Commercial Street location.
PM Engineered Solutions is the new name of Engineered Sinterings & Plastics Inc. of 140 Commercial St., Watertown, and its former sister company, Alves Precision Engineered Products Inc., of 58 Commercial St.
The two local companies were acquired in a bankruptcy sale on Sept. 5 by Wakefield Thermal Solutions of Pelham, N.H., and Longroad Asset Management LLC, a private equity firm based in Stamford, and combined into one operating entity.
Frerichs is CEO and partowner of PM Engineered Solutions, Wakefield Thermal Solutions and Simon Industries Inc. of Cary, N.C.
The company is now attempting to sell the original 35,000square-foot Alves Precision headquarters at 58 Commercial St. and move both work forces into the 175,000-square-foot former Engineered Sinterings & Plastics, or ESP, building at 140 Commercial St., Frerichs said. A parking lot and a second unimproved lot at the end of Commercial Street are also part of the sale, he said.
ESP was founded as American Sinterings in 1952 by Alexander L. Alves.
The company’s name was changed to ESP and it was relocated to Watertown in the mid-’60s.
ESP was a powdered metal and plastics molding company, while Alves Precision was a precision machining and manufacturing company.
The companies’ former owners filed papers seeking Chapter 11 bankruptcy protection from their creditors on July 1, and converted to a Chapter 7 liquidation on Oct. 20.
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