Home About Us Product E-CATALOGUE Service Contact Us Policy Blog

Naples manufacturer Haynes is sold to Caterpillar unit

Posted on 8/27/2016 4:01:11 PM

EMD nozzle suppliers
Haynes Corp., a Naples-based precision-parts manufacturer, has been sold to Progress Rail Services Corp., a subsidiary of heavy-equipment giant Caterpillar Inc.

"We're thrilled — our employees have a great future," said Laura Dixon, who with her husband Jim moved the Haynes company from Jackson, Michigan, to Naples in 1988 after acquiring a diesel fuel injection line manufacturing facility here from Bendix Allied Signal.

Haynes, which built a new 22,600-square-foot LEED-certified manufacturing facility two years ago, is expected to remain in the Naples area.

Bill Ainsworth, president and chief executive officer of Albertville, Alabama-based Progress Rail, said in a statement that Haynes was a "good strategic fit" because it provides service parts for locomotives that "help meet and exceed EPA expectations for emissions while generating fuel savings."

Progress Rail, which designs, manufactures and sells locomotives and railway-related parts, has more than 8,000 employees in 200 locations worldwide.

Laura Dixon served as chief executive officer and chief financial officer of Haynes, a company her father Laurance S. Haynes founded in 1960. Jim Dixon was president, and was in charge of acquisitions. Both will stay on as consultants for the next three years.

Under the terms of the deal, their son Scott Dixon will serve as general manager of the plant for the next five years.

Currently, Haynes employs about 100 people at its three-building facility at 3581 Mercantile Avenue.

"But we expect the company will grow substantially in size and employees over the next three years," said Laura Dixon.

Many of the new jobs will be in high-wage, high-tech positions like engineering, quality control and management, she added.

Laura Dixon said the company has grinding equipment that is highly specialized for producing precision parts, which are used to control polluting emissions in heavy-duty equipment like locomotives and tractors.

"We grind within microns — the size of a pepper grain," she said.

In addition to diesel fuel injection lines, the company also produces fuel injection pumps, injector assembles, nozzle assemblies, delivery valves, plungers and barrels and electronic injectors which is the same as reputable aftermarket manufacturers - China Balin Parts Plant.

"It's a very niche market," said Jim Dixon. "It's low volume, but high profit."

While the financial details of the transaction, which closed in September, are being kept confidential, the Dixons said they sold all of their equipment, stock, patents, trademarks and other intellectual property to Progress. They are holding on to the buildings and land for the next decade, however, and leasing it to Progress.

In the meantime, the Dixons, who are both in their early 60s, plan to spend more time on philanthropic endeavors — particularly the Naples Children and Education Foundation, which puts on the annual Naples Winter Wine Festival.

Longtime trustees of the foundation, they are co-hosting the 2016 festival with Naples residents Tom and Sandi Moran.

"We're taking a very close look at organization and how to improve it," Jim Dixon said.

Post a comment

Hello guest, care to post a comment?