IT WAS JUST THREE DAYS AGO that Grant Mishoe of SConFire.com passed along the story about the president of American LaFrance resigning.
The Charleston Post and Courier reported that “John Stevenson, president and chief executive officer of American LaFrance, has passed his responsibilities on to someone else after finishing the development of a new factory.”
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Now it appears that the development of the new factory is what finished Stevenson. The company is undergoing a severe cash flow crisis and has asked its suppliers to continue shipping to the factory on a “pay as received” basis.
The following letter was sent out last month to ALF’s suppliers. Click on the thumbnail to read the letter. (then click a second time to bring it up to full size)
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This letter was sent shortly after the company was sold. No doubt this was a factor in the reason for the sale. Do the new owners really have the financial resources to keep the business afloat? There’s a lot of debt tied up in that new factory that they are having trouble bringing on line.
Update, correction: It was a little over a year ago that ALF was purchased by Patriarch Partners from Freightliner/Daimler-Benz. Firegeezer was confusing the date with this past July’s deadline for them to vacate the D-B facility.
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