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Sale of company saves 120 Summit County jobs and ends lawsuit
By Marilyn Miller
Beacon Journal business writer
Published on Saturday, Apr 26, 2008
It's a new day for Wills Trucking Inc. and Wills Services Inc. of Richfield.
The business opened Thursday with a new owner, which means 120 jobs were saved in Summit County.
''This is a great sense of relief,'' accounting manager Katie Douglas said. ''Last fall when we learned the company was being put up for sale, we all thought we were going to lose our jobs.''
Craig Stacy, 41, of Bath Township, emerged in December as a prospective buyer.
Wills Trucking, which has kept its name, handles bulk transportation for nonhazardous and hazardous waste materials and municipal solid waste.
The $6 million transaction was approved by Summit County Common Pleas Judge Robert Gippin on Wednesday.
The issue was in court because lenders, led by National City Bank, had sued to recover $8.1 million in loans, credit lines and a mortgage.
The agreement to purchase the business for $5.4 million and $1.4 million for a building brought an end to the lawsuit.
The remaining secured debt totaling $2.1 million will not be repaid.
Stacy said he will meet with every employee to assure them their job is secure. He plans to also offer health benefits to the employees, something the company lost a few years ago.
''This is not really a surprise to the employees, but
more of a relief,'' he said. ''We see this as a significant opportunity to grow and we're in it for the long haul.''
Stacy said he will also make sure that Wills' vendors and customers are aware that the company is still in business.
''We will focus on improving the company by investing into equipment and keeping the company stabilized,'' he said.
Douglas described her new boss as energetic, personable and a hands-on type of manager.
''When he visited the company, he liked the system and the employees. Within a week of being here, he knew all of our names and what we did. He also kept things going. We never missed a day of hauling, which is vital in the trucking industry,'' she said.
The company services Toledo, Strongsville, Latonia, Chester, Pa., and Clinton, N.J.
Stacy and his wife also own Total Recovery Group LLC (also known as Total Transportation Group), which deals with bulk, refrigerated and specialized transportation.
It is the sixth acquisition for Stacy's company, the first coming in 2003.
Wills Trucking had been family owned since 1951. The previous owners, Paul Wills Sr. and Paul Wills Jr., no longer live in Ohio.
Wills has about 20 nondriver employees, about 20 company drivers and 80 owner-operator drivers.
Revenues were $39.3 million in 2005, but fell to $28.8 million in 2007 after the loss of its largest contract, which had provided about 25 percent of revenues. The company had net income of $640,700 in 2006, but a loss of $802,600 in 2007.
''We are not a fancy group of people,'' Stacy said. ''Unfortunately, we don't have any magic dust to guarantee success, but we are very committed to growing this business and to stay here in the Akron area. Hard work and commitment, that's our formula.''
Marilyn Miller can be reached at 330-996-3098 or 800-777-7232 or mmiller@thebeaconjournal.com.
It's a new day for Wills Trucking Inc. and Wills Services Inc. of Richfield.
Get the full article here.
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