ALEXANDRIA – The family behind Alexandria Moulding has sold a controlling interest in the company to a U.S. private investment firm.
Moulure Alexandria Moulding Inc., is now in a partnership with Industrial Opportunity Partners of Evanston, Ill.
The Cholette family will still hold a sizable interest in the 73 year old company. Three generations of Cholettes have run the business.
The transaction is not expected to affect the 450 workers at the Alexandria plant on Power Dam Road.
Alexandria Moulding President Andre Cholette told the Glengarry News he will remain in his position and will be a shareholder and board member, saying he’s in it for the long haul.
In an interview with Cornwall Newswatch, Deputy Mayor Jamie MacDonald says he’s confident about the future of the North Glengarry business.
“Speaking to the president, and my brother is also a vice president at Alexandria Moulding, that they chose this company because they have a great reputation of maintaining their relationships like the current company is in,” MacDonald said.
“I feel pretty good that they bought a big asset here in North Glengarry and I see that they plan on keeping that asset here I think the future still looks good,” the deputy mayor added.
It’s hoped the newly forged partnership will allow Alexandria Moulding to establish a greater foothold in the United States as the U.S. recovers from the housing crisis.