Wednesday, October 27, 2010
Staff report
canfield
Torent Inc., a venture- capital firm that has been instrumental in funding several successful Mahoning Valley businesses, is closing its doors after 40 years.
The company, founded in 1971 by Youngstown industrialist David Tod and Atty. Daniel Roth, recently announced that it will liquidate its assets and dissolve the firm before the end of this year.
The remaining assets will be distributed among the firm’s shareholders.
Torent, originally known as Toro Enterprises, has played a role in a number of significant local business ventures, most notably the 1980 acquisition of McDonald Steel.
The firm negotiated a transaction with U.S. Steel to purchase the former McDonald Works and was able to raise the capital to form the McDonald Steel Corp. Roth is the company’s chairman, a position Tod had for many years.
The company’s other ventures include Recreational Industries, Inc., Metzendorf Trailer Manufacturing Co., Buckeye Cycle Supply, Toro Oil & Gas Co., Western Datacom Co., DTS Corp., National Heat Exchange Cleaning Corp., and Vaughn Industrial Car and Equipment Corp.
Torent also acquired Morrison Metalweld Process Corp., relocating the company from Buffalo, N.Y., to Youngstown.