It's official I guess - not that it wasn't before. I get notices from Bidspotter when items I want come up for auction. This morning it is for some Lista tool cabinets.
www.bidspotter.com
Yeah it still stings. Even my Snap-on guy was scratching his head on this situation. None of us could believe that a company that was half of the US-made hex keys market could be run so poorly that they would fold after a hundred years of running.It's official I guess - not that it wasn't before. I get notices from Bidspotter when items I want come up for auction. This morning it is for some Lista tool cabinets.
Lista Auctions Online | Bidspotter.com
Bid online on 9 Lista auction lots for sale at Bidspotter.com
-The current president of Eklind (Earl) was brought in while I was there so Howard Eklind could step down. Sometime after I left he brought in his brother (Doug) as comptroller. Together the Dynamic Duo managed to auger the company in. The full story would only be known by those two. Congratulations boys, mission accomplished.
-Both of them hold degrees in finance and are heading into retirement, I suspect they'll get every cent they can.
There’s a lot of denial going on here too IMO
I hear the going rate is 30 pieces of silver. Could just let these old names rest.
It *****, but let's be honest here-- the IL political class has had a war on manufacturing in the state for ages. Everyone outside Chicago proper has felt that pain.
-Richard M. Daly (son of Richard J.) drove quite a few manufacturers out of the city (Chicago) limits during his tenure. Printers Row, the Armitage Corridor, a number of places off the Ravenswood line, and several others immediately come to mind. Eklind Tool was (purportedly) badgered out of the Chicago location due to excessive taxation according to Howard Eklind. There was a lot of prime real estate that changed hands....and usually did as the real estate revolving door cycle that was/is part of the fabric of Chicago. Howard had even paid off the territorial franchise (gang) in the area (protection money) that enforced cleanup when the small time gang bangers put their marks on the building. I watched one cleanup under the tense supervision of those we paid off. The summer after this event we were informed of the projected move schedule and why. The most recent property tax hikes (and why) are an example of what happens to a captive audience in Chicago.
-Outside was the natural extension of gouging those that had to remain in proximity to the city. The suburbs wanted a share of the proceeds too. Anyone recall what went on during the Rosemont Horizon construction era? How about Cicero?
-Without getting political it's always been referred to as "The Machine" for a long time. What used to be a city operation has expanded to being statewide. Join the club or get out. JMO/JME
One fascinating holdout is the Horween leather company. Used to be a huge tannery area of Chicago obviously as an outcrop of the meat packing industry.
-Fairly familiar with that area, used to drive/ride by there but never noticed the business. Was probably keeping an eye on the locals at the time. The Feb. 14 1978 incident was an interesting footnote to Valentine's Day history in Chicago.
If the product was that good and the business that lucrative, they could have just pulled up stakes and moved elsewhere.
-They already did that once. Cost of moving a factory was huge back then. With the addition of more processes/machinery it would be even higher now. The disruption to production flow while honoring contracts, hiring new employees, and re-starting production is considerably more difficult than changing a domestic household. "Move elsewhere" was a rather simplistic statement that didn't address the full scope of the situation. Not being critical of you, just questioning your depth of perception in this matter.
-No that's not what "everybody else does". Without running the numbers, calculating the logistics, and weighing the intentions of the owners this is another simplistic statement. What may work for others is entirely situational. Not trying to be confrontational, just suggesting that this option (and others) was considered and rejected for a reason or several reasons. Without the full story every explanation is merely speculation, including mine.
You were an employee there - 30 years ago.
I'm not picking any sides here but there ARE several reasons companys are leaving IL.You were an employee there - 30 years ago.
What info have you provided that was not mostly speculation?
My beef is "blame management" or even "blame Illinois" seems more than a bit simplistic as well, but always sounds good. Holy ****, how many times has this happened to an American company in the past 2+ decades. All bad management or overtaxing? It's a jungle out there.
Blaming IL, taxes probably deserving to some extent, but it's no secret it's expensive to do business in most any metropolitan area. Still a lot of businesses in that region paying taxes. Might not really matter anyway, since Indiana has lost thousands of factories (either going out of business or offshoring) many of those were located in small towns, where costs and taxes were relatively low. Seems like any of the new factories coming in get sweet tax deals (on the backs of the locals) and don't always pay good wages.
Maybe Eklind could still be kicking *** today, but perhaps there was a multitude of factures none of us are privy to.
A common theme here is although we don't own factories, we're pretty expert on telling those that do, what they are doing wrong.
For a NFL team worth $8 billion are the Bears struggling to make ends meet? Or, are they doing the tried-and-true Jerry Maguire "show me the money!" or in this case, a sweet new stadium? We will and will pay for it whether we like it or not.
Spoken like a true outsider, I’m sure it’s easy for you to quarterback from nowhere Minnesota.
-Yes and I do know some things about the operation and the principal players involved. Time doesn't make that completely irrelevant.
-Had you bothered to read the last line of my reply....I'll paste it for you "Without the full story every explanation is merely speculation, including mine." I've not attempted to post further explanation for the bankruptcy beyond what I know, that would be speculating.What info have you provided that was not mostly speculation?
-What would you know about manufacturing? What do you even know about Chicago? You drive a truck. Nothing wrong with that but without first hand experience that would be like me commenting on difficulties in commercial cartage. You're a spectator in the bleachers, quite a bit of difference on the playing field y'know. You have a right to an opinion but it's a rather underinformed one.
-Thanks, I'll try to remember that.
-I agree with those statements. Complex problems rarely have simple causes or solutions.
-You could have just posted this one sentence and stopped there.
-Nobody here, including me, is qualified to tell any manufacturing concern what they're doing wrong. Especially if they're merely a spectator.
I wasn't directing all of my response at you, personally. I should have made that more clear.-Yes and I do know some things about the operation and the principal players involved. Time doesn't make that completely irrelevant.
-Had you bothered to read the last line of my reply....I'll paste it for you "Without the full story every explanation is merely speculation, including mine." I've not attempted to post further explanation for the bankruptcy beyond what I know, that would be speculating.
-What would you know about manufacturing? What do you even know about Chicago? You drive a truck. Nothing wrong with that but without first hand experience that would be like me commenting on difficulties in commercial cartage. You're a spectator in the bleachers, quite a bit of difference on the playing field y'know. You have a right to an opinion but it's a rather underinformed one.
-Thanks, I'll try to remember that.
-I agree with those statements. Complex problems rarely have simple causes or solutions.
-You could have just posted this one sentence and stopped there.
-Nobody here, including me, is qualified to tell any manufacturing concern what they're doing wrong. Especially if they're merely a spectator.
How many more would it be if CaseIH (Moline, Rock Island, Chicago Works), Caterpillar, and others hadn't left? Not to mention the corporate offices of Boeing, Cat, Morton Salt. I just saw Tyson and Panduit are shutting down IL production too (moving to Indiana in Panduit's case).
There's a reason Illinois mfg jobs more than halved since 1970, but Indiana's only lost a third. You might argue that's insignificant, but the several hundred thousand people without good jobs would disagree (I'm sure someone will state those jobs aren't good too, but ask any small town who's lost their only factory that and see if the outcome was positive).You were an employee there - 30 years ago.
What info have you provided that was not mostly speculation?
My beef is "blame management" or even "blame Illinois" seems more than a bit simplistic as well, but always sounds good. Holy ****, how many times has this happened to an American company in the past 2+ decades. All bad management or overtaxing? It's a jungle out there.
Blaming IL, taxes probably deserving to some extent, but it's no secret it's expensive to do business in most any metropolitan area. Still a lot of businesses in that region paying taxes. Might not really matter anyway, since Indiana has lost thousands of factories (either going out of business or offshoring) many of those were located in small towns, where costs and taxes were relatively low. Seems like any of the new factories coming in get sweet tax deals (on the backs of the locals) and don't always pay good wages.
Maybe Eklind could still be kicking *** today, but perhaps there was a multitude of factures none of us are privy to.
A common theme here is although we don't own factories, we're pretty expert on telling those that do, what they are doing wrong.
So, these are profitable companies, that instead of staying and paying IL taxes - like everybody else, they just bail to where it is cheaper, usually because those taxpayers are "willing" to pay these Corporation's share of property (and other) taxes, sometime for decades.
It was quite significant at the time, probably not as much nowadays, as those old factory workers are probably dead and more of the young, are delivering (or throwing) Amazon packages.
That I'm an outsider is true.
The irony is those Companies made their money big time and in doing so, helped make the place they want to leave, the way it is.
All of those you mentioned are leaving except citadel because they could no longer secure sweetheart deals. Boeing and Morton for example were receiving tif funds that expired. They literally payed no taxes or Chicago utility costs at the expense of the other businesses and property owners in the area, who had to fund the tif district, these are extremely profitable companies tying to squeeze taxpayers and others
