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Home > BizTimes Daily > Archives > February 18, 2010
Weyauwega company acquires Wiza Industries in Muskego
Published February 18, 2010 - BizTimes Daily
Wiza Industries LLC, a Muskego industrial machine shop that entered Wisconsin Chapter 128 protection last year, has been acquired by Weyauwega-based World Class Manufacturing Group.
Before it entered Chapter 128 protection, Wiza Industries had about 250 employees. The company now has about 40 workers in its 200,000-square-foot plant, said Darold Paisar, president of World Class Manufacturing.
“Long-term (growth) is to be determined, but we’re calling a few people back every week,” Paisar said. “I can see there being 100 people working there by the end of the year.”
World Class Manufacturing has effectively been operating the Wiza facility since Dec. 30, Paisar said. The company was able to reach terms with Wiza’s owners and its court-ordered receiver this week.
“We were able to save five or six good clients,” Paisar said. “We’re trying to put a (long-term) plan together.”
The agreement with Wiza’s former owners is only effective for one year, Paisar said.
“We’re taking one hell of a risk. We did this to save jobs in Wisconsin. If this facility is going to be open next year, I don’t know.”
At its peak, Wiza Industries had about $56 million in annual revenues. While it will take several years to rebuild the company, Paisar sees an opportunity for significant sales there this year.
“I think we could do about $10 million worth of business this year,” he said.
Financial terms of the acquisition were not disclosed.
