Three local investors have stepped in to prevent a Crawford County employer from closing.
Rusty Reinoehl, Chris Thurman and David Chamblin are purchasing Tempco Products Company. The sale is expected to be finalized Jan. 1.
"We thought it was a good opportunity," Reinoehl told the Daily News.
"We are very excited to be able to complete this agreement and preserve all of these important jobs in our community," said Thurman, part-owner of Hayden Glass.
"We believe that Tempco's products are of the highest quality, which is why we use them for nearly all of our residential projects at Hayden's," he added. "We are looking forward to working with Tempco's customers and employees to move the business forward."
It was announced earlier this month that Tempco would close its doors later this year. The decision to close the 61-year-old business was prompted by the upcoming retirement of President Steve McGahey. McGahey joined the company in 1972 and has been president since 1986.
Tempco produces custom-size vinyl windows and patio doors for replacement and new construction. The company employs 44 people, including plant workers, office staff, sales personnel and truck drivers.
Tempco's products are distributed throughout Illinois and Indiana, as well as parts of Ohio, Missouri, Michigan, Iowa, Arkansas, Kentucky and Tennessee.
The company grew out of Modern Building Specialties, a general contracting business started by Mervin J. Stillwell in 1945.
Stillwell incorporated his business under the new name of Tempco in 1957 and remained as president until his death in 1976, when he was succeeded by his son, Ron. McGahey became president following Ron Stillwell's retirement.
Throughout its long history, Tempco has manufactured numerous products ranging from fishing lures to caskets.