Farrel Corporation
| Company type | Public (former) |
|---|---|
| Industry | Manufacturing, Plastics equipment |
| Founded | 1848 |
| Founder | Almon Farrel |
| Headquarters | Ansonia, Connecticut , United States |
Area served | Worldwide |
Key people | Charles S. Jones (former CEO), Al Shaio (former sales director) |
| Products | Process equipment for plastics and rubber industries |
Number of employees | 100 |
| Parent | HF Machinery Group (since 2009) |
The Farrel Corporation is a U.S.-based manufacturer headquartered in Ansonia, Connecticut. Specializing in process equipment for the plastics industry, the company employs approximately 100 individuals.
History
Established in 1848 by Almon Farrel as a foundry, the enterprise initially produced bayonets and cannon barrels during the period of the American Civil War. In 1926, Farrel Foundry combined with Birmingham Iron Foundry located in Derby, Connecticut. By the 1920s, Farrel-Birmingham was producing gears for US Navy propulsion mechanisms in Buffalo, New York. The company collaborated with General Motors in 1941 to develop a rapid reversal gear system for naval ships, which led to receiving the Navy's E award in 1942.
In 1963, the firm adopted the name Farrel Corporation and redirected its operations toward manufacturing process machinery for plastic production facilities. Throughout the 1970s and 1980s, Farrel underwent several ownership transitions. In 1986, private equity investors including Rolf Liebergesell, Charles S. Jones, and Alberto Shaio purchased Farrel from Emhart Corporation for $1 million plus debt assumption. Under CEO Charles S. Jones’s leadership, non-essential divisions such as Roll Grinder, Railroad products (later sold to Simmons Machine Tool Corporation), steel extrusion, and a 25% interest in Pomini were divested. The company then focused solely on equipment for plastic and rubber industries. By 1991, revenue had increased to $105 million with an operating income of $5.4 million under the sales direction of Al Shaio.
Farrel’s IPO on NASDAQ was led by Charles S. Jones in 1992, valuing the company at $52.1 million pre-money and providing original investors with a 52.1-fold return and an IRR of 92.1%. Following the IPO, Farrel expanded by acquiring competitors such as Rockstedt OHG (Germany), Francis Shaw Rubber Machinery Ltd., PRC Fabrications Ltd (UK), and Skinner Engine (Erie, Pennsylvania).
In 2009, HF Machinery Group, a subsidiary of L. Possehl & Co. based in Lübeck, Germany, acquired Farrel. A new facility was inaugurated in Ansonia in 2016.