Orion acquisition completed; Tramont may lay off 40
Orion acquisition completed
John Crane, a division of London-based Smiths Group, has completed its acquisition of Grafton-based Orion Corp.
Orion is a designer and manufacturer of hydrodynamic bearings for energy and general industrial markets. John Crane designs and manufactures seals and associated products mainly for the oil and gas, chemical, pharmaceutical, pulp and paper and mining sectors.
“Integration of Orion will build critical mass in our hydrodynamic bearing business and will add a manufacturing, sales and service base in North America to supplement our existing operations in Europe," said Paul Cox, president of John Crane. "This purchase establishes John Crane as a global leader in the hydrodynamic bearings sector.”
Milwaukee-based Robert W. Baird & Co. served as the exclusive financial advisor to Orion Corp. on the transaction.
“This transaction benefits both organizations,” said Tom Lacy, managing director of Baird Investment Banking. “Orion strengthens John Crane’s competitive position in the power generation market and establishes the company as one of the leading manufacturers in the hydrodynamic bearings sector. Similarly, John Crane’s expansive global sales and service network significantly extends Orion’s reach to pursue international growth opportunities."
Tramont may lay off 40
Milwaukee-based Tramont Corp. recently informed the state Department of Workforce Development that it may lay off 40 workers, "due to uncertainty regarding our future customer orders." If necessary the layoffs would begin around July 11. The employees that may be laid off are represented by Local 1103 of the United Electrical, Radio & Machine Workers of America.
"If it becomes necessary to lay off employees, we hope that these layoffs will be temporary," the company said in its notification to the state.
In addition, Oshkosh-based Oshkosh B’Gosh Inc. informed the Department of Workforce Development that it will permanently lay off 92 workers from its office in Oshkosh.
