SHARPSVILLE Cattron Group founder sells his majority stake in company

STAFF/WIRE REPORTS
SHARPSVILLE, Pa.-- The company that tracked Sputnik even when U.S. government officials thought the satellite stopped transmitting has been sold, the former owner said Monday.
Jim Cattron, the 79-year-old founder of Cattron Group Inc., said he sold his majority shares to the investment company Weatherly Private Capital and a group of Cattron senior managers. Included in the sale were Cattron Group and its subsidiaries.
Terms of the deal were not released.
Jim Robertson, Cattron president, said he is looking forward to working with the new partner.
"We have found in Weatherly partners who bring deep resources and experience that can help and support us greatly in the future," he said.
Weatherly is a New Jersey investment group that specializes in management-led buyouts. Tom McFall, Weatherly principal, has been named Cattron chairman.
"Cattron has demonstrated an ability to successfully grow in a difficult business environment by delivering advanced, high-quality products. We are looking forward to working closely with the company," he said.
About the company
Cattron, based in Sharpsville, is a leading producer of industrial remote controls and employs more than 370 around the world, including about 150 locally.
Besides communications equipment, Cattron is a provider of remote control products for industry. One subsidiary, Cattron-Theimeg, was created when Cattron acquired a German company. This division has operations worldwide.
Cattron-Theimeg has installed more than 100,000 remote controlled systems at railroads, shipyards, mines, steel mills and other sites.
Jim Cattron said he had been looking to sell the business for a year but wanted to find the right buyer.
"I feel it was the right thing for the business," Cattron said. "One of my goals was to protect the employees."
When Sputnik was launched in 1957, Cattron was able to track the Soviet satellite's orbit on a different frequency after the U.S. government thought the satellite stopped transmitting.
Cattron, the borough's largest employer, had asked local and state officials in April to expand a Keystone Opportunity Zone to include five acres of the company's property so it could expand and take advantage of the tax abatements the KOZ offered.
Local officials agreed, but the state hasn't ruled yet.
The sale isn't expected to affect Cattron's eligibility for the program.