Submitted Photo Pictured are Rhonda Johnson and Wayne Rishell, the new owners of Weber-Knapp in Jamestown. The county Industrial Development Agency’s board of directors approved a $1 million loan to help facilitate the purchase from former owners Donald Pangborn and Rex McCray, who purchased the company in 2011 to return it to local ownership.

A southern Chautauqua manufacturing business is changing ownership, with its company president and the chief financial officer becoming the new owners.

At the Chautauqua County Industrial Development Agency meeting Tuesday, board members approved a $1 million loan to support the purchase of Weber-Knapp Co. Inc. by Rhonda Johnson, company president and Wayne Rishell the CFO. The facilities are located on Chandler Street in Jamestown and Allen Street in Falconer, and are comprised of 243,000 square feet of space.

Johnson had been a member of the county IDA’s Board of Directors. At Tuesday’s meeting before the discussion on the vote, it was announced that Johnson had stepped down from her position on the board.

Weber-Knapp has been operating in Jamestown for 114 years, when the company started as a manufacturer of hardware for the furniture industry. The IDA noted that throughout the years the company continuously adapted in response to changing market dynamics and opportunities.

Mark Geise, Deputy County Executive for Economic Development and Chief Executive Officer of the county IDA, spoke about the agency’s efforts to not only attract new development and jobs to the community and region, but just as importantly, retain current businesses.

“It is essential that the CCIDA supports local manufacturers, such as Weber-Knapp, especially when that assistance results in local ownership,” Geise said. “Rex McCray and Donald Pangborn have been terrific leaders in ensuring Weber-Knapp remains locally-owned and competitive on the global stage, and I have every confidence that Rhonda and Wayne, as well as their tremendous workforce, will do the same. I’m pleased that the CCIDA could support this very worthwhile effort.”

According to the IDA, in 2011 the company was acquired locally by the current ownership of McCray and Pangborn, who were part of the management team. “Prior to this purchase, Weber-Knapp was under foreign ownership and there was significant risk that the company was going to relocate out of Chautauqua County or cease operations. The purchase resulted in Weber-Knapp remaining in Chautauqua County and being locally controlled. Presently, the current owners are ready to sell the company, retire, and continue the local ownership practice through Ms. Johnson and Mr. Rishell,” IDA officials said in a statement.

At the IDA meeting, Carol Rasmussen with the IDA said this purchase will help retain around 120 jobs.

Weber-Knapp is the premier designer and manufacturer of motion control and hardware products/accessories for the luxury appliance, outdoor appliance, industrial, medical equipment, and office furniture industries. It provides all the function and capability desired by its customer base at a very high-quality level.

In March, The Post-Journal/OBSERVER joined Rep. Nick Langworthy for a tour Weber-Knapp.

At that tour, Johnson noted how she started on assembly floor of Weber Knapp in 1991. Now she is not only the president, but also one of the owners.

“The advantage of remaining locally owned is that we will be able to maintain the company’s identity, culture, and presence in the community. As the new owners, we have a combined 65-plus years in manufacturing and management, know the business and the employees, and have a strategy for continued success,” Johnson said in a statement after the vote.

County Executive PJ Wendel praised the move.

“This is another great outcome for a manufacturing pillar of the community,” he said. “Weber-Knapp employs more than 100 people locally, with stable and good paying jobs, and I solute not only Ms. Johnson, Mr. Rishell, and their workforce, but also the CCIDA for assisting them in purchasing this staple of the community and keeping it under local ownership and management.”

Rasmussen said the entire transaction is $21,428,000. The current owners, McCray and Pangborn, will finance a portion of the acquisition price. Also assisting with funding to complete the purchase, besides the county IDA are Evans Bank and Cattaraugus County Bank. Johnson and Rishell will inject personal equity to complete the financing. The resolution for the $1 million loan request was unanimously approved.