Billerica company MSRI has been bought from its parent company in a bid to keep the jobs and technology in Massachusetts.
Bought by a group of top MSRI management and bankers for $6 million, MSRI develops and manufactures "turnkey chip placement and dispensing systems."
Parent company Newport Corporation was considering divesting in MSRI, president Michael Chalsen said.
"We felt the best option for guaranteeing that jobs stay local was to pursue the management buyout. It would have been unfortunate to lose these jobs -- not only for the employees and their families, but also for the local economy," he said. "As a stand-alone company, we'll be in a much better position to project ourselves in our core markets," Chalsen continued. "It will be great to continue to see tractor-trailers driving away with systems heading to all parts of the world, manufactured right here in Massachusetts."
The leveraged buyout will keep operations running smoothly, and the company said it anticipates increased growth over the coming years.
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