- May 21, 2013
GLOUCESTER, MA | Gloucester Engineering Co. (GEC) reports it is coming off two consecutive years where it has doubled its annual sales. The company’s backlog has steadily increased, and management is forecasting an additional 35% growth in 2013. GEC has billions of dollars worth of capital equipment in operation around the globe and more than 50 years of service to the plastics and converting industries.
“We know many customers were concerned about our future back in 2010 when the company was forced to restructure,” says GEC president Carl Johnson, “but our recent financial performance, our new product introductions, and the fact that we made two acquisitions last year have signaled to the market that we are healthy and resurgent.”
In January 2011 GEC was purchased out of receivership by private equity firm Blue Wolf Capital Partners, who began implementing necessary changes. The company says these changes have included adding new and experienced leadership, rebuilding the sales and engineering departments, installing a new state-of-the-art ERP system, introducing new products, and completing two acquisitions: Future Design, Mississauga, ON, Canada, and Pearl Technologies, Savannah, NY.