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Newport Steel Corp history
Newport Steel Corp company history timeline
This defense was costly, but it succeeded. It enabled Interlake to concentrate its energy on what were now its core businesses: Hoeganaes, Dexion, Material Handling and Packaging, and Chem-tronics, a components manufacturer that Interlake had purchased in 1984 for $52 million.
In 1986 Interlake reorganized along holding company lines.
Chang stepped down as president and CEO in early 1988, indicating that he had been interested in leaving for some time, but only now was he comfortable, having assembled the management team and operational systems needed to sustain the company's long-term growth.
In July of 1989, Mark IV Industries, a corporate takeover group, announced plans to purchase as much as 15 percent of Interlake.
In 1991 Newport moved its headquarters to Irvine, California, and reinstated the CEO position, naming 59-year-old Richard E. Schmidt to assume the post.
By 1991, Interlake was operating under recessionary conditions, which hurt sales growth but did not deter the company from enhancing its long-term competitive position.
To turn around Newport Schmidt consolidated the European operations, reducing the number of segments from seven to three. As a result of these and other cost-cutting measures, as well as a rebounding economy, Newport returned to profitability in 1994, earning $3.3 million on sales of $85.6 million.
In February 1995 Newport acquired RAM Optical Instrumentation, Inc. in a stock exchange.
Deuster took over a company that topped the $100 million level in sales in 1995 and recorded a net profit of nearly $3.9 million.
In 1996 Schmidt stepped down as CEO, turning over the job to 46-year-old Robert Deuster while staying on as chairman.
A few months before his appointment in 1996, Newport completed another acquisition, adding Minneapolis-based MikroPrecision Instruments, Inc. to increase its presence in the semiconductor equipment and computer peripherals arena.
Sales totaled $143 million in 1997 and net income improved to $10 million.
Before 2000 closed, however, Newport arranged to use its stock to acquire Kensington Laboratories, maker of robotic automation systems, serving the semiconductor industry that Newport would adapt to fiber-optic component assembly and automation.
Sales bottomed out at $134.8 million in 2003, but the company's loss was reduced to $13.2 million for the year.
2004: Spectra-Physics is acquired.
Margo Warminski is Preservation Director for Cincinnati Preservation Association, a position she has held since 2004.
In September 2019 Tata Steel announced it would close the Orb Electrical Steels plant in Newport with the loss of 380 jobs.
By Margo Warminski Special to NKyTribune Part 43 of our series, “Resilience and Renaissance: Newport, Kentucky, 1795-2020.”
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Newport Steel Corp may also be known as or be related to Newport Steel, Newport Steel Corp and Newport Steel Corporation.