Logan Manufacturing Co., the nation's largest manufacturer of tracked vehicles for grooming ski slopes, has been bought by a New York investment firm.
Purchase price was $13 million, which a company spokesman said was financed internally by the buyer. LMC had sales last year of about $20 million.The seller was a corporation owned by John Z. DeLorean, the former General Motors executive who developed the short-lived DeLorean sports car in the 1970s that became famous as the time travel machine in the "Back to the Future" films.
The new owners have formed LMC Holding Co., which will be headquartered in Logan. LMC was founded in 1961 as a division of Thiokol Chemical Corp, now Thiokol Corp., to privatize technology developed by the Utah State Scientific Research Foundation at Utah State University here.
LMC President Micheal G. Beeley said the company's current management structure will remain in place, as will manufacturing and administrative positions.
Chairman of the new owner, LMC Holding, is former U.S. Sen. John Tunney, D.-Calif., who is said to have an extensive background in the industry.
LMC employs 200-250 with an annual payroll of $4 million. The company builds tracked vehicles for use on difficult terrain in a 100,000 square foot facility on 20 acres.
Beeley said the new owners have the capital to allow the company to expand its markets, especially in Europe, increase its research capacity, offer a larger line of vehicles and move ahead with ex-pan-sion plans at its Logan plant.
"We're anticipating extensive growth in the utility vehicle area, not just in ski slope grooming," said Beeley, adding that he expects to add some 50 jobs immediately to meet customer demand.
LMC's vehicles were originally used for transport over snow and ice in remote areas.