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Medley Capital Corporation Comm Message Board

  • reedair2003 reedair2003 Mar 28, 2003 12:00 PM Flag

    The bleeding continues...

    Mestek is hemorrhaging. Mestek is looking to sell off its Air Clean Damper division in Milford, OH for cash. 15% of the workforce has been laid off there. Office cuts have been even more severe.

    Plants in Bradner, OH; Florence, KY; and Waldron, MI are way under capacity.

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    • reedair2003: I am a former shareholder and I expect you are correct. But, I think they failed to do adequate due diligence on some of their acquisitions and they simply paid too much. That is why I sold. When I saw that the accounting goodwill on the balance sheet got to $60,000,000, I was no longer comfortable holding the stock, so I sold every single share I owned. The companies they were buying were never going to make enough money to justify the prices they were paying. You simply can't overpay that dramatically or you are doomed to failure.

    • I don't believe Mr. Reed would EVER knowingly cook the books.

    • If the BLEEDING is that bad at the locations you mentioned here how bad is it at that site in ILL. LOCKFORMER where they have all the lawsuits still pending.They must mfg.products with great margins in order to pay $$ in spades what it's going to cost them.
      WHAT'S YOUR THOUGHT'S.

      Mestek owns what 30 different companys is business really that bad.??

      • 1 Reply to xfile46321
      • Air Balance, Inc., American Warming & Ventilating, Arrow United Industries, Cesco Products, Anemostat, Air Clean Damper, and Louvers and Dampers are ALL under performing. New managemment is taking over to run: Air Balance, Inc., American Warming & Ventilating, Arrow United Industries and Anemostat. He has a lot of work to do. The next 12 to 18 months are key to the future of Mestek.

        Corporate HAS invested big $$ into all of these companies over the past couple years. that money has to start paying off soon. With the new managment team it might help, but it always takes a new guy a while to get his sea legs too.

 
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