COPLEY, Ohio (Jan. 23) — Brian Weber, president of tire equipment supplier Scantland Industries since 2003, has completed a management buyout of controlling interest in the company.
Weber, a 25-year Scantland veteran, also has invested with JP Morgan Chase Bank to recapitalize the company and continue its expansion with in the tire manufacturing equipment industry, the firm said.
"JP Morgan Chase Bank´s ability to act as a long-term partner and work with us to grow Scantland Industries makes them an ideal investment partner," Weber said. "We are now in a significantly enhanced position to build on our recent success, which will benefit our outstanding customers and employees."
Since becoming president, Weber has installed a new management team, initiated communications with historic customers and helped increase sales. Scantland also has upgraded its existing tire making equipment; expanded its offerings to include aircraft and off-the-road tire equipment and multiple position ply/tread servicers; eliminated waste and trimmed costs, instituted financial controls to better manage cash flow; and streamlined its production processes, the company said.