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New Drake Mfg. owners hope to restore business, expand
By Ed Runyan
CHAMPION
The new owners of longtime local company Drake Manufacturing of North Leavitt Road expressed the goal of getting Drake back on its feet and expanding now that it’s been acquired through court-ordered receivership.
CW North America Inc., which is owed by global bearing manufacturer CW Bearing Group, now owns Drake, which was founded in 1972. It is a global leader in designing, building and servicing state of the art computerized machining tools.
In the spring, a federal judge ordered the sale of the Drake assets and its affiliated companies. The sale was approved Aug. 8.
CW Bearing also has facilities in Michigan and Mexico and is the second-largest bearing manufacturer in China. Its parent company is Cixing Group Co. Ltd., and it has 4,600 employees worldwide.
The company, which at one time employed more than 100 people, laid off some workers while it was in receivership, but new Drake president and CEO John Lirong Hu, who is also president and CEO of CW Bearing and sole owner of CW North America, said he plans to bring back the laid off employees. He said the company will remain at its same location.
He thanked Drake’s employees and said he understands the receivership was difficult for customers, suppliers and employees and asks for patience in getting the company back on its feet.
Bruce Dibble, Drake director of sales and marketing, said the solar eclipse he watched from Georgia on Monday was a symbol for the challenging times Drake has gone through and its promising future.
When the moon covered the sun, everything went quiet. “It was kind of eerie,” he said.
But like with Drake, a bit of bright light began to appear as the moon moved away.
“We went through some challenging times for three to four months, but that is past now,” he said, thanking the new owners, John Lirong Hu and his wife and Xiangen Hu, chairman and president, and his wife. Xiangen Hu, speaking through an interpreter, said he visited the plant four years ago as a potential buyer of machines. “It’s destiny that ties us together,” he said.
“I believe Drake will be able to make new achievements and enter into a new chapter,” he said, adding that he hopes to restore business and expand “very soon.”
Stig Mowatt-Larssen, who has been with Drake more than 30 years, will continue as chief technology officer, leading research and development engineering.
Mowatt-Larssen said Drake shipped its first machine to China in 2002, but at least half of its business is with companies overseas today.