After opening its Paris, Ark., manufacturing plant in 1963, Cloyes Gear and Products announced it has successfully regained ownership of the manufacturing operation from American Axle & Manufacturing (AAM).
AAM held ownership of the plant following its 2017 acquisition of Metaldyne Performance Group Inc. (MPG), which included Cloyes.
In April 2018, Hidden Harbor Capital Partners, an operationally focused private equity firm specializing in control investments in lower middle market companies, acquired Cloyes and immediately started the process of purchasing the Paris plant to continue Cloyes’ nearly 100-year-old manufacturing history in the United States.
“Cloyes came to Paris in 1963 and has been a big part of the town’s economy for more than 56 years. Many of our employees have worked for Cloyes their entire adult life and have more than 30 years of seniority with the company,” said Steve Fairbanks, vice president of manufacturing for Cloyes. “It is a huge advantage for our company to be able to stay in this area and retain our employees’ skill set and wealth of knowledge. It is also a great opportunity for the town to maintain high paying manufacturing jobs, which coincidently are closely linked to jobs that our local career center is preparing our young and upcoming workforce for.”
The 155,00-square-foot manufacturing plant manufactures highly machined powertrain gears, sprockets, and idler assemblies for automotive original equipment manufacturers, the automotive aftermarket, marine, and high-performance applications. The plant’s key processes include machining, hobbing and shaping, heat treatment, and finishing, and is also home to a quality and metrology laboratory that supports both manufacturing and engineering product development.
“Our team is focused on growing the Cloyes brand and business which is evident with our continued investments in marketing, sales personnel, global expansion, manufacturing, and overall operations,” said John Bohenick, chief executive officer for Cloyes.
“Cloyes, the management team, and the owners are committed to our customers, the communities we work and live in, our people, and to the betterment of the industries we serve. We will continue to work to be a leading supplier by providing exceptional products, quality, and service to all customers.”