Posted on 07/01/2011 12:14:56 PM PDT by 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.
Jobs created or saved?
Ping.
a little friendly editing....
From their web site.
——Cardinal Fastener & Specialty Co., Inc. is the largest fastener manufacturer of large diameter, hot forged bolts in North America. Our products, which are manufactured in various head styles and diameters up to 3” or M72, can be seen on our innovative Birdie Chart.
Short Lead Times, Unsurpassed Quality
Cardinal prides itself on having the shortest lead times (as fast as same day) of any manufacturer in the world. In addition, our quality is unsurpassed. That’s how we became the first fastener manufacturer in the world to receive ISO 9001:2008 certification.
A Presidential Visit
Our reputation as a high performance, American quality manufacturer attracted the attention of President Elect, Barack Obama, in January, 2009. The president highlighted Cardinal Fastener’s success when he visited our company, an event that was covered by over 200 media outlets from all over the world.——
They are really just a bolt company that happens to make bolts suitable for wind turbines. They were given the kiss of death when Obama visited them
Companies know their vendors and given a choice, many would not buy from a company fawned over by the Messiah. I know I wouldn’t
rabner also told the Plain Dealer that the company is profitable and its revenues are growing.
Don’t the understand, the reason the bank won’t loan them money is because they are profitable. Yeah, that’s what it is.
I think the bank has more common sense than these Greenies.
SOMEONE NEEDS TO TELL HIM, "YES, IT IS."..................
I know little about the screw and bolt industry, but if you make screws and bolts, wouldn't you make screws and bolts for other things too?
Every time he visits a company, it closes. Every time he endorses a politician, that person loses.
He really is the Kiss of Death.
These are HUGE fasteners. I don’t what the market for them looks like, but it is a niche. Wind Power may well be a substantial fraction of their market.
Even Politico Wonders Where All Obama’s “Green” Jobs Are
President Barack Obama heads to an energy plant in North Carolina on Monday to talk once again about the job-creating power of a green economy.
The catch? Nearly three years into Obama’s presidency, the White House can’t point to much solid evidence that significant numbers of Americans are scoring the green jobs the president has been touting.
If the economy was roaring along and unemployment was down below 6%, pushing for more “green” jobs wouldn’t be so problematic. People and companies would have the choice to move some positions towards said “green.” With unemployment about 9.1%, and having been above 9% for years, funding “green” job training programs with federal money for jobs that barely, if at all, exist, is foolish.
Monthly Labor Department employment reports say nothing about the new clean energy workforce, while an effort to document how many Americans actually make a living in the “green collar” field may not be done by November 2012.
http://www.thepiratescove.us/2011/06/13/even-politico-wonders-where-all-obamas-green-jobs-are/
The wind power industry that was going gangbusters since about 2005 seems to be kind of on hold right now.
They should have put the wind turbines on the tops of the Big Rock Candy Mountains. Someplace, where all the cigarette trees wouldn’t block the breezes.
Don’t forget the factory making solar panels.
By its very name, “renewable energy” goes against the laws of physics......................
Waiting for their 'second wind'.....................
“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).
Well, back in 2005 Wind Energy was doing pretty well, thanks to a lot of government grants and subsidies,
The biggest wind project company in the US, afteall, was ENRON. We all know what happened to ENRON and the wind project was taken over by GE with a large investment by Warren Buffet.
Then the wind projects hit a major road block, it seems that the turbines that they were using were not living up to expectations and needed re-working. The largest supplier of wind turbines in the world was in the Netherlands and they admitted to a design flaw. (according the WSJ)
So, all the turbines needed re-working or replacing and that couldn’t be done without government money.
Along come the Messiah and allocates the money through his stimulus bills.
Alas, the money is gone and the grants expired.
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