(WNY News Now) – At its September 26, 2023 meeting, the County of Chautauqua Industrial Development Agency (CCIDA) Board of Directors has given the green light to a $1 million loan to facilitate the acquisition of Weber-Knapp Co. Inc. by Rhonda Johnson and Wayne Rishell, ensuring the company remains locally owned.
Jamestown – The County of Chautauqua Industrial Development Agency (CCIDA) Board of Directors, in their September 26, 2023 meeting, sanctioned a $1 million loan to support the acquisition of Weber-Knapp Co. Inc. Located in Jamestown, NY, and Falconer, NY, the Weber-Knapp facilities comprise 243,000 square feet of space.
Weber-Knapp, with a remarkable 114-year history in Jamestown, initially began as a furniture industry hardware manufacturer and has evolved over the years in response to market dynamics.
Mark Geise, Deputy County Executive for Economic Development and CEO of CCIDA, emphasized the agency’s commitment to retaining local businesses. He praised the current owners, Rex McCray and Donald Pangborn, for preserving Weber-Knapp as a local entity and expressed confidence in Rhonda Johnson and Wayne Rishell, the prospective owners.
Weber-Knapp specializes in motion control and hardware products for various industries, maintaining high-quality standards for its clientele.
Funding for the acquisition will come from multiple sources, including the current owners, Evans Bank, Cattaraugus County Bank, and personal equity injection from the new owners. Weber-Knapp employs over 100 people locally, providing stable and well-paying jobs.
The acquisition secures the company’s continued local ownership, promising to preserve its identity, culture, and community presence.