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Jobs will leave town when Jeter Systems acquired by Wisconsin competitor
By Betty Lin-Fisher
Beacon Journal business writer
Published on Tuesday, Dec 04, 2007
An agreement has been reached to sell longtime Akron business Jeter Systems, a manufacturer of filing systems and equipment, to a Wisconsin competitor.
An asset purchase agreement has been signed between Jeter Systems and Tab Products of Mayville, Wis., Tab Chief Financial Officer John Palmer confirmed on Monday.
The agreement is still subject to ''due diligence,'' no funds have been exchanged and the transaction is not expected to close until the first of the year, Palmer said.
Jeter Systems founder Jack Jeter said he could not discuss details and referred questions to Tab Products.
Palmer said he also could not discuss many details of the proposed purchase, since many details are still being worked out. However, Tab Products has told Akron employees that it intends to move Jeter's manufacturing operations to Wisconsin, about an hour northwest of Milwaukee.
''We will be hiring some employees and as appropriate, offer relocation expenses as necessary,'' Palmer said.
It's too early to know what other impact the purchase will have on Jeter's Akron presence, Palmer said.
''They have a long history in Akron and Ohio,'' Palmer said. ''We anticipate there will be jobs there, more from a customer service standpoint. Obviously, that's very important to us.
''We're trying to be fair to people,'' he said.
Palmer did not know how many employees worked at Jeter's Firestone Parkway facility. The company transformed an aging tire plant management building and locker room into a modern office and warehouse in the early 1980s.
Jack Jeter started his company in 1971. In 1974, the company invented a wall file system used by financial institutions, accounting firms, the health care industry and government offices. The equipment is for use with color-coded filing systems.
Palmer said Jeter Systems is ''strong in markets we're not so
strong.'' Folders, labels and cabinets is one division of Tab Products, which is a record management firm.
City of Akron spokesman Mark Williamson said the city sent a letter to Jeter Systems last week when it heard that a sales transaction was possible.
Williamson said it is standard for the city to send a letter ''to companies that are in any type of transition or possibly in transition to keep in mind that we try to assist companies if there's a decision whether to stay or go.''
Palmer referred a question asking whether Jeter would have a position with Tab Products back to Jeter, who was unavailable for further comment.
Betty Lin-Fisher can be reached at
330-996-3724 or blinfisher@
thebeaconjournal.com.
An agreement has been reached to sell longtime Akron business Jeter Systems, a manufacturer of filing systems and equipment, to a Wisconsin competitor.
Get the full article here.
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