A Freeport-based global manufacturer has modified an ownership partnership agreement, but the management and mission of the company will not change.
Oberg Industries announced this week that the new majority shareholder of the company is Cliff Forrest, of Armstrong County, who also owns Rosebud Mining in Kittanning. The move was made to enhance “leverage for capital and growth”.
Eric Oberg, son of company founder Don Oberg and previous majority owner, will remain involved in the business as a minority shareholder. Terms and details of the transaction are not being publicly disclosed.
“Today marks a significant and positive step forward for the employees and customer partners of Oberg,” Oberg said in a statement. “Cliff’s passion for his businesses and employees aligns perfectly to the culture we have built at Oberg over the past 70 years. His successful business experience and availability of capital will position Oberg for its next phase of growth.”
Oberg employees in Freeport and Sarver were informed of the move earlier this week.
Oberg Industries and subsidiary Oberg Medical manufacture complex tooling and precision machined and stamped metal components domestically and in Costa Rica.