Business First: ECIDA loan will keep TMP in Buffalo
ECIDA loan will keep TMP Technologies in Buffalo
Mar 26, 2015, 7:02am EDT
by James Fink
Buffalo Business First Reporter- Buffalo Business First
The largest loan package ever approved by an affiliate of the Erie County Industrial Development Agency will trigger an employee-led buyout of a Buffalo manufacturer.
The county IDA's Buffalo and Erie County Regional Development Corp. agreed to make a $2 million loan to TMP Technologies President Robert Laughlin and Kirk Dorn, the firm's corporate vice president, who are buying the Northland Avenue firm from current owner Jeff Dorn.
TMP Technologies has 124 employees and is considered one of the commercial anchors for a larger Northland Avenue Business Corridor initiative that is being shepherded by Mayor Byron Brown and the Buffalo Urban Development Corp.
The loan is part of $27.5 million buyout being overseen by Laughlin and Kirk Dorn aimed at keeping the company, which was founded in 1954, in Buffalo and prevent it from being acquired by competing, out-of-the-region firms.
"We could use a lot more companies like this in Buffalo," said Dottie Gallagher-Cohen, Buffalo Niagara Partnership president and CEO and an ECIDA director.
TMP produces specialty foam, rubber and plastics for industrial and commercial uses. Some of its products assist consumers in dispensing controlled amounts of liquids. Another of its products is used exclusively by Proctor and Gamble for the Mr. Clean Magic Eraser lines.