LOCKPORT, N.Y. (WKBW) — Valiant Energy Management, a group from Houston, Texas, has come in to buy VanDeMark Chemical in Lockport just before its planned shutdown this summer, keeping the doors open.
The roughly seven-decade legacy of VanDeMark Chemical will live on, with the new owners coming in to ensure this business never closes for a single day.
According to a New York State WARN Notice, 69 workers were originally set to lose their jobs.
WATCH: VanDeMark Chemical set to close plant in Lockport on May 25
“Going into their data room, we thought there was a lot of potential,” Scott Bernstein said. “We are deep value investors, and there was something to be done here. We really felt we could make an impact.”
Bernstein is the Chief Financial Officer for Valiant. His title with the company has now expanded to include CFO of VanDeMark Chemical.
The Lockport Company is one of the largest producers of phosgene gas in the country.
“We thought they made a lot of interesting products that are key to the supply chain in the United States, believe it or not. There’s a bunch of different applications, anything from renewables to pharmaceuticals to defense chemicals, things like that,” Bernstein, who is a chemical engineer by trade, said.
WATCH: Texas company purchases VanDeMark Chemical in Lockport
Bernstein told me the goal isn’t just to maintain the business in Lockport, but to grow and expand it over time.
“To begin with, it would be to utilize the facilities we have now to a fuller extent," Bernstein said. "Our products are specialty products, so they’re campaign-based. Which means we make one batch, then we sell that batch, then we make the next batch. That’s typical of a specialty chemical, as opposed to a commodity chemical where you are doing a continuous process. Then to, maybe, bring in some new equipment to be able to expand product lines.”
Bernstein says that the roughly 50 employees at VanDeMark will keep their jobs.
Bernstein said the tent in the picture was repurposed. It had been pre-rented by the previous owners to host a job fair for VanDeMark employees.
“It’s incredibly satisfying for us to keep the jobs here. These are really good people, salt-of-the-earth people,” Bernstein said. “It’s really nice to make an impact on the community that is this important.”
“On behalf of the City of Lockport, and the Mayor's office, we are very happy to understand that Vandemark Chemical, will continue on. All employees in fear of losing their jobs, do not have that worry today.
We congratulate Vandemark Chemical for their longevity, and continued success in the future.”
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