Leaders At Billerica Company Buy It Out, Saving Local Jobs
BOSTON (CBS) - A 30-year-old Billerica precision manufacturer will be staying put. Its senior leadership led a leveraged buyout of the company, saving local jobs.
MRSI Systems was about to be sold last year and that set off alarm bells for company President Michael Chalsen and others.
"Our core group has been working together for 25 years," he says. "Why risk another company coming in, potentially disrupting operations or even outsourcing to another country? I reached out to executives at the parent company, and they said they'd be willing to sell it to us (if we had a competitive offer)."
WBZ NewsRadio 1030's Anthony Silva Reports
Chalsen says jobs were saved, and the deal came to fruition, thanks to help from local banks and investment companies.
"Our machines are being used at a number of major players, especially Asia-based players that are building infrastructure for the telecommunications industry," he says, adding that MRSI exported about 80% of its machines last year.
"There's a lot of families behind the workers here," Chalsen tells me. "We felt (buying the company) gave them the best chance to keep their jobs. Hopefully we grow this thing."