RHINELANDER - New ownership will be taking over a major employer in Rhinelander and Michigan's Upper Peninsula.
Oldenburg Group announced today its Heavy Equipment Group has been sold.
That includes its Defense and Mining business units.
J.F. Lehman and Company will take over control of the operations.
The company was founded in 1992 by former Navy Secretary John Lehman.
The former Oldenburg operations will be renamed Lake Shore Systems, Inc.
The existing management team and employees will stay in place, and all plants will operate as normal.
The deal includes the plant in Rhinelander and several facilities in Michigan's Upper Peninsula.
Wayne Oldenbug said one of his conditions was that there would be no deal unless there was an agreement to hire everybody...and not close any facilities.
|Story By: Newswatch 12 News Team