The new owners of Quantegy have taken control of the company as of April 18, and "started coating from day one," according to new president, Peter Hutt, with new tape shipping a few days later that same week. Hutt credits outgoing CEO Richard Lindenmuth for the rapid resumption of production. A total of 65 employees are now back at work in the Opelika, AL plant.
"Demand for product is now actually higher than in the recent past," says Hutt, adding that the "orders confirmed our belief" that there is still a healthy market for professional tape products. After the shutdown of the factory at the end of 2004 and Quantegy's entering bankruptcy protection, the shipping of back stock had recently resumed, including slitting and packaging bulk tape previously produced. Lindemuth says that Quantegy was "starting to make promises that we'd be back," and that he is heartened that the new incarnation of Quantegy is following through on those promises.
Hutt says that Quantegy's distribution network is still in place, and that, along with customer loyalty, he has appreciated the calm and cool demeanor of distributors. "None of the contracts from the past exist any more," reminds Lindenmuth, so the new company will have to undertake negotiations with customers ranging from NASA to other manufacturers who used Quantegy products under an OEM arrangement.
Working with Hutt will be Quantegy VP Frank Foster, Hutt's partner in Quantegy's new parent company, Discount Tape, based in Peachtree City, GA. Quantegy was purchased for a reported $5.8 million, with funds from owner/operators Hutt and Foster along with private investment funds and loans.
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