Belgian Company Buys Accumetric

Reprinted by permission from The News Enterprise http://www.thenewsenterprise.com/content/belgian-company-buys-accumetric
By Gina Clear
Wednesday, June 11, 2014 at 5:30 am (Updated: June 11, 5:30 am)
Elizabethtown soon will welcome the fourth international company to base its North American headquarters in the city.
Accumetric employees listen to a news conference Tuesday announcing the acquisition of Accumetric by Soudal Holding NV.
During an announcement at Accumetric, Gov. Steve Beshear said Soudal Holding NV, a Belgium-based adhesive and sealant manufacturer, will purchase and expand the company.
“It’s another exciting day for Elizabethtown, Hardin County and the Commonwealth of Kentucky,” Beshear said to the crowd of state and local dignitaries and Accumetric employees.
In the acquisition, Soudal will invest nearly $21.2 million, which includes technology upgrades and an expansion of the more than 200,000-square-foot facility on Ring Road, and retain the 85 jobs of those currently employed. The company also will operate under the name Accumetric and plans to add 77 new positions.
Beshear said the acquisition was no accident.
“These things don’t just happen,” he said. “They happen because people — the Elizabethtown Hardin County Economic Development and people at the city of Elizabethtown — come together to make them happen.”
Part of what attracted Soudal to Elizabethtown was the location — near interstates, rail and water — and the work force, Beshear said.
“There’s so much to attract folks to Elizabethtown to come here to do business,” he said.
Elizabethtown Mayor Edna Berger echoed his evaluation.
“I think it’s our work force and with our location we’re able to draw employees from surrounding counties,” she said.
Soudal’s chairman and CEO, Baron Victor Swerts, told the crowd he saw many similarities between his company and Accumetric.
He said both are first-generation, family-run companies with a loyal work force based in its community.
“Our firm goal is to be here in Kentucky for the long run and to substantially grow the business for decades to come,” he said.
Soudal operates in more than 100 countries and received incentives from the state and city to aid in its acquisition and expansion efforts.
The Kentucky Economic Development Finance Authority preliminarily approved expansion tax incentives up to $1.2 million through the state’s business investment program. The authority also approved a tax benefit up to $300,000 through the Kentucky Enterprise Investment Act.
In Monday’s city council meeting, a memorandum of agreement was approved with Accumetric LLC to execute industrial revenue bonds not to exceed $50,000 for the “acquisition, construction and equipping” of industrial building facilities. Elizabethtown Executive Assistant Charlie Bryant said the bonds essentially will be issued in the city’s name, which will lend some financing power to Accumetric, providing tax benefits. The city will not be liable for any debt obligations.
Although a company’s change in ownership can be intimidating for employees, Joyce Wise, an Accumetric employee of 27 years, said she feels optimistic.
“It’s a little scary, but I still think we’ll be good,” she said.
Part of the apprehension came from knowing the Hartlages, who owned the company for 44 years, and feeling like she was part of their family, Wise said.
“Jimbo’s family seemed like family to me,” she said, noting her kids grew up and played sports with the owner’s children. “A lot of us feel like family. Now it’s just a new family that speaks a different language.”
Berger said she believes the company is a good fit for the city.
“This is an absolute A-1 outfit coming to Elizabethtown,” she said. “Your success will be our success.”
Gina Clear can be reached at 270-505-1746 or gclear@thenewsenterprise.com.