Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, November 29, 1994 TAG: 9411290079
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE: STEPHEN FOSTER STAFF WRITER
DATELINE: LENGTH: Medium
Mitsui already owned 80 percent of the company, a major exporter of magnetic oxides used in the production of computer, video- and audiocassette tapes. Terms of the deal were not disclosed.
The company was a unit of Hercules Inc., a Wilmington, Del., chemicals maker, until 1986, when nine Hercules managers bought it.
Mitsui purchased 60 percent of the company in 1989 and an additional 20 percent in 1992.
Company officials said the buyout would have no detrimental effect on the futures of the company's approximately 190 workers, including about 100 members of the union, AFL-CIO Local 3-925.
But union president Gary Artrip, while not criticizing the deal, said he's uncertain how it will affect workers, especially with the departures of two top Magnox managers and the uncertain role of the company's plant manager, Hiwatha Nicely.
"Really, we're not sure yet," said Artrip. "I don't know if it's a good thing for the employees. There's been a complete takeover."
Nicely, one of the nine Hercules managers who bought Magnox eight years ago, said of plant operations: "It's going to go as normal."
Although a company news release said he would serve as a special adviser to Magnox's new president, Nicely said his role was still being negotiated.
"They will be changing the focus and management style," Nicely said of the new owners. But, "as far as the business and as far as the employees here, I think it will only continue to be positive."
Said Artrip: "I think everyone wants to make the business work."
by CNB