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Offray sale is finalized

March 18, 2002|BY JULIE E. GREENE

The sale of C.M. Offray & Son Inc. to a Pennsylvania ribbon manufacturer was finalized Friday, a company official said.

Ribbon officials last month announced a tentative agreement for Berwick Industries LCC of Berwick, Pa., to buy Offray for $45 million. The deal was sealed Friday, said Russell G. Hager.

Hager, who was executive vice president with Offray, is now vice president of operational strategy for the newly formed company, Berwick Offray.

Details of the finalized sale were not available Friday.

The ribbon manufacturing plant on Willow Circle will operate as Lion Ribbon Co., Plant Manager Rick Lee said. Lion Ribbon was the name of a New Jersey company Offray bought in 1988 and is the name of a popular class of craft and floral ribbons the company makes, Lee said.

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The plant laid off approximately 20 people Thursday as part of a company reorganization, Lee said. Fifteen employees were laid off in January.

The plant had 543 employees as of Friday, Lee said.

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