Ferry Cap & Set Screw Co. may move all of its 120 employees from the Templar Industrial Park near Birdtown to its sister company’s facility in Elyria.
It’s an idea that Mayor Michael Summers said that would be a “big blow” to the city.
A lawsuit against union employees refusing to work overtime revealed the potential move.
“Could we provide economic support to a business to entice them to stay? There’s no forthcoming conversation coming from them,” said Summers. “That’s assuming we have the money, by the way. Which we don’t have.”
Summers said that the landlord has made dramatic concessions in an attempt to keep them.
“It doesn’t seem that the cost of being there was the objection,” he said. “There are consolidation opportunities — two plants under one roof. That’s a hard thing to overcome if we’re not the winner of the consolidation.”
The 100-year-old company, which manufactures specialized fasteners, once employed nearly 400 people. The company’s high-end fasteners can be found in Caterpillars and large bridges.
It’s one of the largest employers in the city.
Now, the company is looking to move from the plant at 13300 Bramley Ave. to its sister company Nelson Stud Welding facility in Elyria.
Both are owned by parent company, Doncasters.
“Then there’s the issue of union and non-union,” Summers said. “That’s not under our control.”
Summers said that since he took over as mayor two years ago, the last group of leadership in the company “has been let go.”
“I think there’s been little communication between the company and the landlord,” said Summers.
“Anytime you have a major employer like Ferry Cap, having them in our community, not only provides positively to our community, but it also provides a solid income tax base,” said Dru Siley, the city’s director of planning and development.
Between $50,000 and $70,000, added Summers.
“That’s a big deal,” he said. “It’s a big blow.”
“Sometimes when you have an equity owner, it’s just a portfolio. It’s not Lakewood, Ohio. It’s all numbers on a piece of paper."
“Sometimes, what looks good on paper doesn’t quite work out.”