Feedback: Climax Manufacturing Sold, Expansion Planned

For more than 100 years, Climax Manufacturing has been a Lewis County staple - cranking out cardboard products used in retail and art design.

All that time, it was run by a single a single family, the Hirscheys.

“We have a hundred years of tradition at this company and now we’re about to embark upon our future,” said Climax President Liz Hirschey.

As of Friday, the Hirschey’s no longer own Climax, which has operations in Lowville and West Carthage .

At a news conference, the acquisition was announced.

Two companies, Delta Point and Hamilton Lane are buying up all the company’s stock and the state is also investing nearly $7 million.

“I can’t think of a better investment opportunity than being right here in the north country,” said New York State Comptroller Thomas DiNapoli.

Company officials said the change means growth in the future.

With the transition, Climax will add almost 40 jobs over the next few years and expand its sales base.

“My family has been located in Lewis County since the 1830s so we’ve always been a big part of the community in Jefferson and Lewis counties and so being able to take this business forward in time and keep it here of course is a wonderful feeling,” sakd Liz Hirschey, who will remain president of the company.

Climax’s former owners, Lee and Urban Hirschey are retiring.

Climax Manufacturing Company currently has 262 full-time employees.

The company manufactures and supplies folding cartons and recycled paperboards.

See Jeff Nelson’s report:

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Climax was founded in 1902 by Samuel L Hirschey. In 1934, the company purchased the Paperboard Divisions’ mill facility in Carthage, New York, and in 1961 expanded its emphasis on retail packaging. The company was purchased from the Hirschey family, who have managed the business successfully for more than a century

Through its In-State Private Equity Program, the Fund invests with private equity managers who seek to invest in New York State companies that require capital for growth. Created in 1999, the program targets investment of funds in the New York State economy. The program is designed to provide investment returns consistent with the risk of private equity while expanding the availability of capital for New York businesses. The program aims to help generate jobs and private sector investment in the state.

Since 2000, $330 million has been invested in 114 companies through the program. DiNapoli has committed an additional $408 million to the program since he took office more than a year ago, bringing the total amount committed to the program to $861 million.

About the New York State Common Retirement Fund

The $154.5 billion New York State Common Retirement Fund is the third largest public pension plan in the United States with more than one million members, retirees and beneficiaries from state and local governments. Comptroller DiNapoli is the sole trustee of the Fund and manages a diversified portfolio of public and private equities, fixed income, real estate and alternative instruments.

About DeltaPoint Capital Management

DeltaPoint Capital III, L.P. is the third pool of private equity capital managed by DeltaPoint Capital Management, LLC which targets investment in established, privately owned or closely held companies located in New York State. The principals of DeltaPoint Capital have been actively involved in providing investment capital to companies in New York State for the past 17 years. Through two prior capital funds and other investments, DeltaPoint’s principals have invested in several Upstate New York companies and are actively managing six of these prior investments. For more information, visit www.deltapointcapital.com.

About Hamilton Lane

Hamilton Lane is a private, independently owned firm which provides alternative asset management services to institutional investors worldwide. Founded in 1991 and headquartered outside of Philadelphia, Pennsylvania, Hamilton Lane manages over $10 billion in managed accounts and an additional $70 billion in advisory assets. Hamilton Lane’s clients and investors around the world include public and corporate pension funds, labor union funds, financial institutions, insurance companies, foundations and endowments.

Comments

One Response to “Feedback: Climax Manufacturing Sold, Expansion Planned”

Jo-Ann Nevin on May 16th, 2008 12:13 pm

I think this is fantastic! It is great to see a family-owned company expand and compete with the larger conglomerants. I am a previous Climax employee and enjoyed working in Carthage for seven years.