Wind-Turbine Maker That Obama Praised Files for Bankruptcy

IndustryWeek ^ | July 1, 2011 | Josh Cable

[Red Steel]

Company is having trouble obtaining financing for working capital.

Cardinal Fastener & Specialty Co., a Cleveland-based manufacturer of screws and bolts for wind turbines, filed for Chapter 11 bankruptcy protection Thursday.

Cardinal President John Grabner told the Cleveland Plain Dealer that the bankruptcy filing is necessary because the company is having trouble obtaining "working-capital financing" from its primary lender, Wells Fargo.

Grabner also told the Plain Dealer that the company is profitable and its revenues are growing.

President Obama visited Cardinal, which is in Bedford Heights near Cleveland, in January 2009 before his inauguration.

"Renewable energy isn't something pie in the sky," Obama said during a speech at Cardinal. "It's not part of a far-off future. It's happening all across America right now.

" ... It can create millions of new jobs and entire new industries if we act right now."

Jeff Grabner, vice president and head of the company's wind business, told the Plain Dealer earlier in the week that Cardinal had been losing business to European suppliers who had underbid Cardinal, forcing the company to trim its workforce by 15 employees a year ago.

[musicman]

"They should have put the wind turbines on the tops of the Big Rock Candy Mountains."

[6ppc]

Looking like having zero praise your company is the kiss of death. First a battery company (not sure if they actually went bankrupt), then a restaurant, now a wind turbine company!

[Eva]

Aw, oh, it looks like I’m wrong, the Democrats extended the federal grants until the end of 2012, just before they left town in December 2010.

[Ben Ficklin]

"seems to be kind of on hold right now"

A google news search of wind farm shows quite a bit of activity. But as the article points out, the US is falling behind on this.

Much will depend on new transmission lines. And as above, can the US catch up on the DC transmission lines.

The Texas CREZ project is waiting on the transmission lines(2014). The Tres Amigas(DC) project is moving forward. Clean Lines out of Houston has 4 DC lines in various stages.

[NormsRevenge]

Is that the Greek Chorus I hear getting warmed up in the background?

O the Dramgedy of it all!

[greatdefender]

Wind-Turbine Maker That Obama Praised Files for Bankruptcy

[353FMG]

Wind turbines belong in Chicago — the Windy City.

[Mind-numbed Robot]

And I thought the Obama wind industry was going like gangbusters. /sarc

The double entendre of that is terrific. Obama, as a wind machine himself, is still in full production. Too bad his wind produces nothing useful.

[HChampagne]

Focused like a laser!

[I still care]

I semm to remember a freeper in the know saying the only reason wind turbines make a profit is because of government subsidies. They are money black holes otherwise.

[Attention Surplus Disorder]

Might even be a triple-entendre!

[TexasM1A]

It is power generation in general, from 3” riser bolts, to 4 1/2” socket head cap screws all the way down to 1/2” ferry heads, lots of variety in quality headed products.
Most of the stuff that is bought from overseas is generic B7/B7M & L7/L7M, the Chinese parts are still garbage, but the Korean materials are actually pretty good.
the place I work for had business with Cardinal in the past, there quality was fine, but their deliveries were poor.
But with them possibly going out of business, opens up some potential gains for the company I work for.

[Last Dakotan]

“Large bolts and fasteners” go into things like bulldozers, paper making machinery....you know, things that are made in China now. Oh, bridge modules (made in China now).

Exactly - you think the Asians are going to buy fasteners here - or build up their own industry?

[shorty_harris]

Plus they’re ugly as all get out! Why can’t they disguise them as oil wells or something?

[lowbridge]

Obama says Ohio eatery, New Chet's helped by auto bailout, then restaurant goes out of business

[steelyourfaith]

Thanx for the ping Army Air Corps !

 

Beam me to Planet Gore !

[mad_as_he$$]

Marine.

[Tijeras_Slim]

He really is the Kiss of Death.

He could ruin a Chinese restaurant that is next to a cat shelter.