Saturday's Internet Edition, May 17, 2008.
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The move could affect hundreds of employees in Mocksville, who were told on Monday and Tuesday that most should keep their jobs.
Ingersoll maintained ownership of the machine shop in Mocksville, which makes the “air ends” for equipment assembled in Mocksville, Mooresville and elsewhere.
The South Korean company, Doosan Infracore, is expected to continue assembly of the portable compressors made in Mocksville, just not at the current location, according to a source who asked not to be named. Because the new company will use parts manufactured here, it should be located close by, the source said.
“Basically, most people were offered jobs with the new company,” the source said.
The unknowns will be pay and benefits, and location.
Terry Bralley, Davie’s economic development chair, said he is trying to contact officials with the new company to see if they are interested in leasing or buying space locally. The change is expected to become final at the end of August or first of September.
The sale basically was done to bolster stock prices, the source said. As Ingersoll will maintain ownership of the Sanford Avenue plant, Doosan bought people and product knowledge.
The sale will generate cash proceeds of about $4.9 billion.
“The sale represents the last major action to transform our business portfolio to reposition Ingersoll Rand as a diversified industrial company,” said Herbert L. Henkel, chair, president and chief executive officer. “We remain focused on driving growth and creating shareholder value through three strategic platforms serving global climate control, industrial and security markets.”
Doosan is committed to being a major global player in the construction and related markets, Henkel said.
The sale also includes most of the engineering division based in Mocksville ... subscribe to the Davie County Enterprise Record, P.O. Box 99, Mocksville, N.C. 27028.