FRT
01-17-2008, 09:28 PM
Chase Leather
Chace Leather, which has produced sheaths, tool holders and holsters for high-tech equipment serving the military and commercial sectors, landed a major contract in 2005 to produce cell phone holders for Motorola Corp., the leading phone supplier here and in Germany.
By the following year, Chace’s workforce was up to 65 employees and later topped its goal of 80 while investing in a “lean manufacturing” model.
The company is located in two masonry buildings at 507 Alden St.
According to a source who requested anonymity, the company has essentially been producing items with a limited workforce that a New Hampshire contractor has hired while the owners have tried unsuccessfully to sell the company.
“My understanding is they’ve been having numerous negotiations going on for the purchase of Chace Leather,” said Fiola, after receiving clearance with Mayor Robert Correia’s office to discuss the company economic issues with the press Thursday.
“I’m not sure if and when the company will be sold or go completely out of business. … I think they’ll probably end up closing and somebody else will pick up the remnants of what is there,” Fiola said.
Chace reportedly had reduced its work force to about 25 employees.
The Fall River Office of Economic Development on Wednesday received confirmation that the balance of its $125,000 low-interest loan — which is more than four months in arrears — would be paid.
“It is my understanding from Mr. Chace that we will be paid next week all of the principal and interest and all associated penalties and late fees,” FROED Executive Vice President Kenneth J. Fiola Jr. said of the company president, Leonard Chace III.
Chace Leather, which has produced sheaths, tool holders and holsters for high-tech equipment serving the military and commercial sectors, landed a major contract in 2005 to produce cell phone holders for Motorola Corp., the leading phone supplier here and in Germany.
By the following year, Chace’s workforce was up to 65 employees and later topped its goal of 80 while investing in a “lean manufacturing” model.
The company is located in two masonry buildings at 507 Alden St.
According to a source who requested anonymity, the company has essentially been producing items with a limited workforce that a New Hampshire contractor has hired while the owners have tried unsuccessfully to sell the company.
“My understanding is they’ve been having numerous negotiations going on for the purchase of Chace Leather,” said Fiola, after receiving clearance with Mayor Robert Correia’s office to discuss the company economic issues with the press Thursday.
“I’m not sure if and when the company will be sold or go completely out of business. … I think they’ll probably end up closing and somebody else will pick up the remnants of what is there,” Fiola said.
Chace reportedly had reduced its work force to about 25 employees.
The Fall River Office of Economic Development on Wednesday received confirmation that the balance of its $125,000 low-interest loan — which is more than four months in arrears — would be paid.
“It is my understanding from Mr. Chace that we will be paid next week all of the principal and interest and all associated penalties and late fees,” FROED Executive Vice President Kenneth J. Fiola Jr. said of the company president, Leonard Chace III.