Bridgeport calls it quits.......

m_vanmeter · Aug 5, 2002

First South Bend, now Bridgeport
http://story.news.yahoo.com/news?tmpl=story&u=/ap/20020805/ap_on_bi_ge/bridgeport_machines_cuts_1

I guess there are no American manufacturers of manual equipment left. The Asian vs. American question is mute now.

Sad, very sad.

surplusjohn · Aug 5, 2002

I don't know how to make a tear with the smiley faces.
I think they do well with the Romi line from Brazil. It will be interesting to see where they get the mills made. I am sure they will keep the replacement parts going, that has to be profitable,

Tumbleweed Tim · Aug 5, 2002

Bridgeport is not the only US made product leaving Connecticut, how about the helicopters and jet engines we taxpayers paid for the development of. That’s all up for the taking to. When are we going to start questioning the sell out of this country? Or am I just being too paranoid? How about some real small business policy instead of making a liquor store available to any one from a Middle Eastern country.

dcrace · Aug 5, 2002

I am a small shop here in CT, Everyone talks about CT as being one of the "wealthiest" states in the U.S. Maybe for all of the doctors and lawyers in this state, but for us mfg. shops, this state will eventually bleed us all dry!! Maybe it's time to move.

D. Thomas · Aug 6, 2002

A few months ago mattei wrote regarding the parent company, Goldman's bankruptcy filing-

"it was a mini-enron type situation. Goldman pulled 7 million out of a pension fund at Bryant and Fellows without replacing it in the specified time frame. This caused much grief, so the eldest Goldman pulled his son, and basically got out of the machine tool business last week before they were shamed any more(IMHO). Bryant and Fellows will not re-open. Bridegport is fully funded by a group of investors and are doing well. They have been profitable the last couple of years"

So, mattei, what's your take on Bridgeport's situation now ?

mattei · Aug 6, 2002

My take is that American Capital takes them over today. They won a bid last week. They are doing well and have been selling a lot of machines. However, from what I understand American capital had a $30 million dollar bridge loan with Goldman, then they shelled out another $30+ million to buy Bridgeport. They did this because they didn't want to lose the first $30 million. They are trying to cut their losses by doing this. I personally don't get it, but it's an evil market right now. I think you will see someone purchase the U.S. operations by the end of the month.

Their U.K. plant is doing well, they only make high end equipment, Vmc's, HMC's and turbine blade grinders.

We'll see.....

D. Thomas · Aug 6, 2002

Thanks, mattei. Not many of us who think Bridgeport might survive...seems 50/50 to me anyway. The demise of South Bend made perfect sense, as they had pretty much no production oriented products..the few that cobbled together were jokes. And their original line manual lathes were antiquated. But Bridgeport made pretty decent manual machines and had a full line of manual/cnc and full cnc machines that seemed pretty popular. I've seen late model Bridgeport manual/cnc mills and VMC's in many shops over the years, where one rarely saw any late model South Bend products. Control problems and complaints seem to be higher than for Fadal, Haas and Milltronics, however, so I wonder if some market penetration has slowed due to word getting out on that aspect. But overall things "seemed" pretty good with Bridgeport. Guess what I'm saying is that Southbend going bust made sense but Bridgeport going out doesn't quite make sense.

myford7type · Aug 6, 2002

But Hardinge still lives, we still have hope, but I am vary saddend that being 16 I can't afford a brand new Bridgeport and it appears that now matter how much money I ever have it will not be enough to own a brand new Bridgeport

we have lost a legend.

D. Thomas · Aug 6, 2002

myford, I have the equivalent of a brand new Bridgeport (1996 model with all the goodies...Accurite DRO, Bridgeport table feed, etc.) I'll sell ya for about half of Bridgeports current price. Maybe I should hold on to it though....may increase in value now

surplusjohn · Aug 6, 2002

I stopped at one customer today who showed me the $40,000 BP CNC knee mill he is buying and then stopped at annother who showed me the $32,000 Fadal CNC bed mill he is buying. Doen't the Fadal make better sense?

Sean S · Aug 6, 2002

Hard to say John,
Space, friendly operation in one-offs, no need for a production machine...

Two different machines really.

Sean

mattei · Aug 6, 2002

I found out a lot today on Bridgeport. What happened is American Capital takes over the company next week. The interim bank stopped funding because American bought them and they don't want to pay the payroll. This is normal in a bankrupcy.

What will likely happen is that next week most if not all will be rehired at lower wages and less benefits under the new company.

It's sad, but I think they'll be fine.

m_vanmeter · Aug 7, 2002

mattie -
I hope you are correct, but I am afraid their is a darker side to all this. The company president (who did not get layed off, by the way, and still got paid somehow) announced in his bankrupcy statement they were planning to move the manufacturing operations "overseas" - a common politically correct name for any number of 3rd world countries.

Jaymo · Aug 8, 2002

Overseas????
Do you hear that? Sounds like the bell tolling for BP. Quite the shame

William Thanel · Aug 9, 2002

Received the following from the Rick Clemens of BPT.

Bill T.

Probably not an end to the legendary knee mill product. Our US factory may well close in the months ahead, but the designs and know-how are being purchased. The buyer currently plans to out-source the product to a foreign manufacturer. It remains to be seen how successful that will be. For now, we are continuing to build that great piece of equipment. Thanks for the inquiry and interest.

Rick Clemens

For those interested I found the following information who is in charge of the Acquisition of BPT.

Bill T.

The person responsible for our investment in BPT Holdings, Inc.
(“Bridgeport”).
We are actively working to close the acquisition of the Bridgeport assets, which should conclude next week. After closing, we will be actively working to service the needs of US customers seeking parts, service and new models of Bridgeport products.
While I am happy to speak with you, the person best positioned to address any questions or concerns you may have is John McTernan ([email protected]) , Sales & Marketing Director, Bridgeport Machines, Ltd. He may be reached by dialing 011 44 116 253 1122. Alternatively, you may correspond with John via e-mail and he is copied on this message.
Best regards,

L. Thomas Gregory
American Capital Strategies, Ltd.
5775 Sears Tower
233 South Wacker Drive
Chicago, Illinois 60606
(Office) 312-681-7400
(Facsimile) 312-454-0600
(Cell Phone) 312-543-0369
(E-Mail) [email protected]

[This message has been edited by William Thanel (edited 08-09-2002).]

dhc1 · Aug 9, 2002

So... Do you suppose that I should be happy

sad

or terrified

that I'm probably getting one of the last machines produced by Bridgeport??? 'cause right now I'm kinda

about the whole thing!!

Mud · Aug 9, 2002

I recently had to choose between a used Milltronics lathe and a used Bridgeport lathe. I went with the Milltronics even though the Bridgeport was probably a beter deal, because I didn't care for how the salesman was handling the deal, and I sorta smelled this coming. Now I'm glad I don't have to worry about where I'm going to get bridgeport parts

Bob Itnyre · Aug 10, 2002

This sort of thing is going on all over the US. Go over to www.screwmachineworld.com. and you can read a similar story about the death of the American bicycle industry. The really sad thing about this whole thing is that once all of our industries are gone, the knowledge in our craftsmen's heads will go with them in the sense that they will retire/die and there will have been no younger people who have had the benefit of learning their elder's skills.
Check at your local school. I'll bet they have gotten rid of shop classes or they are in the process of it. They replace them with computers that are all well and good but who is going to build houses and do all the hands on tasks that we take for granted. We, if we are not careful, are going to produce generations of people who can neither read nor write, nor can they do anything else. Thoughts? Cheers Bob

D. Thomas · Aug 10, 2002

Interesting article, thanks. Speaking of screw machines, was at an auction last week where they had 14 Brown and Sharp auto screw machines, OOG, OG, and 2G's about 1950 and 60's vintage, 4 Bechler Swiss screw machines, and associated bar beeds (one magazine type) and scads of tooling. These were all functioning, and in use up until a few months ago.

Only one of them sold, for 500 bucks...the guy picked that one because it had a brand spanking new Geometric die head that probably cost $1,800 by itself. I assumed the auctioneers were annoyed at the $500, so they must have skimmed over the others worried about even lower bids. But as it turns out, the guy who was the only bidder, made a post auction deal with the auctioneers and bought all the rest of them, including cabinets of tooling, for $100 apiece !!!!!!!!!!!!!!!!!!!!!!!!!!!!

ColoradoBoy · Aug 13, 2002

"GREED" is the only Business Policy endorsed by Congress or the Oval Office and has been for several decades.

When they talk of "reform" its only smoke and mirrors. The new Bush regulations for CEO's to certify their books, if they can't, they can swear to that also and its ok!

Until the money is take out of politics or nobody has any money left to spend, nothing will change!

Good book out there called "America: What Went Wrong" by Pulitzer Prize winners, Donald Barlett & James Steele.

Bridgeport calls it quits.......

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