Bend, OR, Feb. 3--Millstone Industries today announced that a letter of intent was signed for the purchase of certain assets of Morelock Enterprises, Inc. A second-generation, family owned company based in Oregon, Morelock Wood Products specialized in mouldings, millwork, furniture components and a nationally distributed line of hardwood flooring.
Backed by a local group of investors, the newly formed Millstone Industries will retain more than 50 of Morelock’s key employees to protect long-standing customer relationships, effect a smooth ownership transition and safeguard a significant number of local jobs.
“The team that we have in place is committed to the resurrection of this very viable business and is confident of the future success of the new company,” said Tom Pickell, president and CEO of Millstone Industries. “I would like to acknowledge Columbia River Bank and Bank of the Cascades as an integral part of our team, having worked with us in absolute haste to secure this acquisition and to protect against potential job losses in this community.
“All involved are confident,” continued Pickell, “that the opportunities afforded by the niche wood products market, coupled with a focus on building and securing our customer base, will ensure the profitable operation of Millstone Industries.”
Morelock Flooring, the company’s nationally distributed hardwood flooring line, will continue to be marketed under its current name by Millstone Industries.
