GEORGETOWN — Woodex Bearing Co. has been in continuous operation by one name or another since 1905, starting in Wakefield, Mass., as a trademark of the Neveroil Bearing Co.
Later renamed the Wakefield Corp., the company transitioned to powdered metal fabrication, and the Woodex trademark and shop were sold in 1966.
Relocated in Robinhood, Maine, the company became Woodex Bearing Co., Inc. On Oct. 3, 1980, David and Betty Bowers, along with Stephen Williams, purchased the company from then owner Ralph Becker, making them the fourth set of owners.
Woodex moved to its current location on the Bay Point Road in Georgetown in the fall of 1983.
In 1984, Woodex began the development and manufacture of MECO custom-engineered shaft seals. The seals are used worldwide in bulk materials processing applications. Industries served include chemical, food, pharmaceutical, mineral, plastics, primary metals, and pulp and paper.
This year, the owners decided that the best way to preserve the company, as well as continue its success and growth, was to turn it over to the 27 employees that helped to build it.
The first step in this transition will be the retirements of Dave and Betty Bowers, and selling their shares to the Employee Stock Ownership Plan. This transfer of ownership to the employees via the ESOP will generate the fifth set of owners of Woodex since its inception in 1905.
All manufacturing processes for Woodex bearings and MECO shaft seals are contained at its Georgetown facility.
news@timesrecord.com
Comments are not available on this story.
Send questions/comments to the editors.
