Company
Memo
Says Manufacturer
May Be
Sold
By DOUGLAS
WATSON
Managing Editor
Bush Hog has
announced that it will resume operations "in early February" at its plants, including the one in
nearby Washington County.
However, Bush Hog's president also announced to
its employees that the company may be sold.
The $27 million,
360,000-square-foot Bush Hog factory six miles from Greene County earlier this month "suspended
operations" for at least two weeks as a result of slow sales nationally of Bush Hog
equipment.
As of a year ago, about one-fourth of the plant's then 230
employees resided in Greene County, according to the plant's human resources director.
President's Statement
Duane Prentice,
Bush Hog's president, has sent the following message to the company's employees:
"A memo you received from Bush Hog earlier this month may have caused
some confusion. Many of you are asking reasonable questions, which is to be expected from employees
who have served Bush Hog for so long and have such pride in this
company...
"I write to update all employees on where Bush Hog stands and
to clarify our current status. We understand the stress these circumstances have put on you and your
families and we hope to alleviate some of that anxiety.
"First and most
important, Bush Hog plans to return to production in early February.
"Like many manufacturers in these economic times, we are taking action to avoid excess field
inventory. The current temporary production stoppage is one of the initiatives we have implemented
to ensure that our field inventory level is brought down to an acceptable level.
"Beginning Thursday, Jan. 29, we will provide everyone with an update
on February production and work schedules. ... If you are a Telford employee you can call Stacie or
Anita in the Human Resources office. Anita can be reached at (423) 788-7181 and Stacie can be
reached at (423) 788-7184."
Company To Be Sold?
Prentice's memo to Bush Hog employees continues, "As you are aware, Bush Hog's
ownership is investigating whether or not this may be the right time to sell the company.
"Bush Hog owner CC Industries has hired Lincoln International, a global
merger and acquisition advisory firm, to help evaluate options.
"A
number of interested parties have come forward, clearly drawn to the opportunity to own a quality
company, but a sale is far from certain.
"Our ownership is committed to
exploring its strategic options for a potential sale, but to be clear: Bush Hog has been, is, and
will continue to be the market leader in rotary cutters and other agricultural implements.
"With your help, we will continue supplying our customers with products
as usual. We're committed to providing the same service our customers have come to expect from us.
As always, please feel free to contact me or your managers to discuss any concerns you may have. We
remain dedicated to being open and honest with you and to sharing updated news as we can.
"Thank you again for your ongoing patience, all the hard work you have
invested in the company and for being part of this great Bush Hog family."
Company's Background
Bush Hog is owned by CC Industries,
Inc., of Chicago, a corporation which, in turn, is owned by Henry Crown & Co., also of
Chicago.
CC Industries (CCI) earlier had announced, "The decision has
been made to explore strategic options with respect to their continued investment in Bush Hog,
LLC.
"Bush Hog's product line includes rotary cutters, finishing mowers,
zero-turn mowers, front-end loaders, backhoes, utility vehicles, landscape equipment and a wide
variety of other implements."
Bush Hog also has three manufacturing
plants in Alabama and another in Great Bend, Kansas.
The Bush Hog plant
was opened in
2001.