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Drake Mfg Warren Ohio- sold

Brian@VersaMil

Stainless
Joined
Mar 18, 2001
Location
Gaston, Oregon USA
I received an email this morning announcing the sale of Drake Mfg out of receivership. Kind of a shock to see what seemed like an outwardly very successful company going bankrupt. Sold for two million dollars, which frankly is chump change for an ongoing manufacturing company. Anybody out there know what the heck happened?

Drake started out re-manufacturing manual thread grinders, and then eventually came out with their own line of CNC grinders.
Selling machines to China as well as Europe and the USA, one would think this company was bullet proof.
 
All it takes is one salesman to screw the pooch, make a bad sale
(engineering can't actually build it for that price quoted)
Salesman secretly sending orders elsewhere, incompetence, etc.

New president (could be next gen of family), snorts the company
away.

Not keeping on "cutting edge" of tech, some employees leave
to start anew, direct competition, take customer list with them.

Machines are built so well, they last forever, very limited market.

Machines are expensive "Cadillac" version, only sales to government
agencies with big budgets, that goes away, can't compete in competitive
free market.

Lot's of other reasons, would be nice to find out the real reason.

$2 million ?, sounds like someone bought some blueprints/contracts.
 








 
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