PTC Alliance Poised for Growth
Company thanks employees for tremendous effort, commitment
WEXFORD, Pa., Sept. 9 /PRNewswire/ -- PTC Alliance Holdings Corp. (www.ptcalliance.com), a leading manufacturer and marketer of welded and cold drawn mechanical steel tubing and tubular shapes, fabricated parts, precision components and chrome-plated rod, said today that the company is poised for growth following the strengthening of its balance sheet and the completion of the sale of substantially all of the company's assets.
"Our successful restructuring and the completion of the sale was to a very large extent made possible by the support, dedication and sacrifices of our employees," said Cary Hart, President North America of PTC Alliance. "This was a difficult and challenging period and we are extremely appreciative of the efforts of our employees who maintained their focus on serving the needs of our customers throughout the process."
As previously announced, PTC Alliance consummated the sale of substantially all of the company's assets on August 27. The company will continue to be run by the same executive team.
"In the last 10 months, I have witnessed many employees working to perform multiple jobs or tasks beyond what their job description would specifically outline," said Randall Morgan, National Account Manager. "I know there were many days where circumstances were overwhelming, but the perseverance and determination to satisfy our customers and to perform their jobs with excellence prevailed."
Peter Whiting, Chief Executive Officer of PTC Alliance, said that there were literally hundreds of examples of employees going above and beyond the call of duty to make certain that PTC Alliance maintained the high levels of service and quality for which it is known and respected. Whiting added his own personal appreciation for the employee's efforts. Vicky Trescott, Benefits Manager, cited as specific examples the contributions made by Robin Adams, who willingly took on additional responsibilities as the sales staff was shrinking; Doug Cook, who combined the jobs of guard and timekeeper into a single position; and Bill Brown, who worked with his team to ensure products were provided to customers without interruption.
"Because the whole sale process was, by nature, out of the ordinary course of business, many employees were asked to deal with new administrative, legal and operating problems, work longer hours and interact with new groups," said Tom Crowley, PTC Alliance's Chief Financial Officer. "Our employees really came together and stayed focused on these extraordinary challenges while keeping the normal day-to-day functions on track."
The result was a company that was able to continue operating business as usual and supporting its customers while it radically improved its financial structure.
"The economic climate and the restructuring created challenges that at times could have impacted our ability to serve our customers, but our employees took proactive steps to find solutions that ensured we continued providing our customers with the highest quality products on time," Hart said. "Every PTC Alliance employee should be proud."
About PTC Alliance Holdings Corp.
PTC Alliance Holdings Corp. is a leading manufacturer and marketer of welded and cold drawn mechanical steel tubing and tubular shapes, fabricated parts, precision components and chrome-plated rod and tube. The company's major customers include industry leading steel service centers, automotive and truck manufacturers, construction and agricultural equipment OEMs and machinery and appliance makers. With ten strategically located factories in North America, PTC Alliance is the leading innovator in supply chain logistics, product development, and collaborative cost management programs, for its customers.
SOURCE PTC Alliance Holdings Corp.
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