Schumer Secures Commitment From Belden, Inc. - New Owner Of Production Products Company - To Keep 774 High-Tech Jobs In Dewitt
(Targeted News Service Via Acquire Media NewsEdge) WASHINGTON, Dec. 17 -- The office of Sen. Charles E. Schumer, D-N.Y., issued the following news release:
Today, U.S. Senator Charles E. Schumer announced that he personally secured a commitment from Belden, Inc. CEO John Stroup to keep 774 Production Products Company (PPC) employees in Central New York as Belden begins to integrate with the newly purchased Dewitt company. Following a call with Stroup, Schumer noted that PPC's 774 Dewitt employees have generated many crucial patents for the company, which manufactures components for the cable and telephone industry. Schumer also emphasized that the Town of Dewitt and Central New York has a talented workforce that is well-suited to meet the demands of the high-tech manufacturing needs Belden will likely require after the integration of PPC is complete.
"I am pleased that Belden's CEO has committed to keep all 774 dedicated workers at Production Products Company on the job in Central New York, which will in turn keep Belden connected to a top-notch manufacturing workforce," said Schumer. "As soon as I heard Belden was acquiring the Town of Dewitt's PPC, I wanted to be sure that these employees would continue to produce top-of-the-line cable and telephone parts right here in Central New York, and foster the growth of Belden's cable manufacturing business for years to come. PPC is a proud New York company and I am pleased that they will remain a vital part of our corporate community into the future."
PPC of Dewitt has 774 employees and manufactures components for the cable and telephone industry. PPC was bought by Belden, Inc, of St. Louis, in a deal made public on December 11th. Belden has been acquiring several companies in recent years that do work similar to them and Dewitt's PPC fit their model. Belden is a public company with sales of $1.95 billion last year, and bought PPC in Dewitt for $515 million. Today, Schumer called Belden CEO John Stroup in order to secure his commitment to keep the 774 PPC jobs in Central New York and ensure that Belden would foster the local workforce's growth moving forward. Schumer called after Belden reported that it was too early to comment on the future of jobs and production in Dewitt, and today's assurances are great news for both.
Belden is a quality manufacturer of wire, cable, and cord products that serves four primary markets: computers, audio/visual, industrial, and electrical. Computer products such as shielded and unshielded twisted pair cables, coaxial cables, fiber optic cables, and flat cables account for about one-third of the company's sales. Belden's products for customers in the broadcast, music, and entertainment industries are about another quarter of total revenue. Belden manufactures cable products for industrial processes like factory automation, instrumentation and control systems, robotics, and fire alarm and security systems, which require specialized industrial cables, aluminum and steel armored data cables, and instrumentation and control cables. They make up 16 percent of Belden's sales. The remainder of Belden's revenue comes from products in the electrical market, like products for floor care, power tools, large and small appliances, electric motor leads, power distribution, and internal wiring for fixtures and equipment.
While working for the Kellogg Switchboard & Supply Co. in Chicago, the 26-year-old Joseph C. Belden realized that there was no reliable manufacturer of the high-quality, silk-wrapped magnetic wire necessary for reliable telephone service. In 1902, he founded the company that bears his name, Belden Inc. Some of Belden's earliest customers included Thomas Edison and Lee De Forest, the inventor of the vacuum tube. Thomas A. Edison founded the forerunner of the General Electric Co. in Schenectady in 1886. It quickly became one of the nation's largest businesses. From 1945 until 1970 GE was the largest industrial employer in Syracuse, where it employed some 15,000 workers largely in the production of televisions. For the next 70 years, Belden Inc. continued to manufacture premium electrical wiring and cable products. Belden Inc. purchased the Syracuse-based Crouse-Hinds in 1980. The next year, Belden was acquired by Cooper Industries, based in Houston, Texas. In 1993, Belden was spun off from Cooper industries, and again became a publically traded company headquartered in St. Louis, Missouri.
TNS MJ88-121218-4143227 StaffFurigay
(c) 2012 Targeted News Service
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