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Bain acquisition sent Holland jobs out of state
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| Parent(s) |
Candidate
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| Contributor | RP |
| Last Edited | RP Jun 28, 2012 12:10pm |
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| Category | Profile |
| Author | Jerry Zremski |
| Media | Newspaper - Buffalo News |
| News Date | Thursday, June 28, 2012 07:00:00 AM UTC0:0 |
| Description | The workers at the Williamhouse envelope plant in the Town of Holland most likely never heard Mitt Romney's name. They just knew that an out-of-town owner bought the company and, within a few years, their jobs were shipped to Pennsylvania.
"The company was doing just fine," said Carolyn Gibbon, of West Seneca, who, with her husband, Thomas, worked at Niagara Envelope for 10 years that she now calls wasted. "Then, the following summer, we were being shut down."
Some 185 workers lost their jobs in that 1999 closing of a venerable local company previously known as Niagara Envelope. That happened two years after the company's new owner, American Pad and Paper, or "Ampad," closed the local firm's downtown Buffalo headquarters as well as the main office of a sister company in New York, eliminating 250 jobs.
That's because Bain Capital, the private equity firm then headed by Romney, bought Ampad in 1992 and put it on an aggressive path of borrowing to buy other paper companies. While Bain and its investors made more than $100 million off Ampad, the company plunged deeply into debt and ended up filing for bankruptcy in 2000. |
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