Fall River-based Duro Industries announced that it has closed on a new, three-year bank agreement which officials believe will reduce the company’s outstanding debt and will be a major component of its plan to return to profitability. The plan was first announced in December.
Andre Laus, president of the textile dye and finishing company, said the new agreement in conjunction with new contracts will help stabilize employment levels. The company employs 770 people, down from a high of about 1,300 in 1997.
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The completed agreement, between the company and a consortium of seven banks reduces the company’s debt by about $40 million and makes the banks a majority stakeholder in the equity of the company.
Duro was a family owned business from 1947 until the late 1960s when it was sold to the conglomerate Nortek. Nortek owned it until 1985 when they sold it back to the Ricci family and to Stanley B. Goldberg, one of the sons of the original cofounders. In 1997, the Riccis and Goldberg sold a majority stake in Duro to an investment group.
