Machinery News

Gloucester clinches orders and has new owner

GEC filed for Chapter 11 Bankruptcy protection in June 2010 and emerged on 31 December. The European subsidiary, Gloucester Engineering Europe, exited bankruptcy protection in November.

"GEC has made tremendous progress in the past 18 months," said Michael Ranson, Partner at Blue Wolf. "When we first heard of this situation, GEC was mothballed and facing liquidation. Working closely with GEC, we helped restructure the company and today it is on track for a future of solid performance as an innovative American manufacturer."

Blue Wolf, which made an initial investment in GEC in May as a secured lender, will have majority representation on the company's Board.

Ranson also noted that GEC is starting the New Year with an expanded workforce, a resumption of its R&D activities and a rededication to its joint venture in India, which received a large new order for a five-layer 2,200 mm film line last month.