Linear AMS’s Founder, John Tenbusch, will resume majority control of the company, having repurchased it from Moog Inc. for an undisclosed amount in July 2017. The news comes after the Michigan, USA-based company revealed plans to lay off 40 workers and relocate its equipment to Moog’s New York headquarters.
The company was founded in 2003 and formerly known as Linear Mold and Engineering, prior to the acquisition of 70% of its shares by Moog Inc. in 2015, leaving Tenbusch with 30%. In a statement to The Ann Arbor News, Lou Young, Director of Tooling and Manufacturing, reported that Tenbusch now owns 80% control of the company, with Young taking up the role of Minority Partner with 20%.
Tenbusch has stated that he will now work closely with Young to re-energise the business with the aim of retaining jobs and driving revenue growth. According to Young, the company’s focus will now be the injection moulding business and improving tooling capabilities.
“We are maintaining around 70 employees with plans to grow that side of the business,” Young stated. While the 40 job cuts announced by Moog will go ahead as planned, he reported that some of those employees laid off may now be folded back into the Linear AMS business.
Among the goals announced by Linear AMS’s new ownership are 10% job growth and community outreach to encourage interest in the skilled-trades industry, engaging local colleges and high schools to “get that skilled trade mindset going,” stated Young.
Linear AMS currently operates out of two facilities in Livonia, Michigan. The company now hopes to pursue renewed investment in equipment and facilities, with the goal of consolidating its staff and operations under one roof.
“It’s not often the old executive management team gets to buy back the company after ten years,” Young concluded. “We’re able to focus on what our core was previously, and that’s got the employees excited as well.”