[Congressional Record Volume 141, Number 99 (Friday, June 16, 1995)]
[Extensions of Remarks]
[Page E1284]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               TRIBUTE TO CRESCENT MANUFACTURING COMPANY

                                 ______


                          HON. PAUL E. GILLMOR

                                of ohio

                    in the house of representatives

                         Friday, June 16, 1995

  Mr. GILLMOR. Mr. Speaker, it gives me great pleasure to rise today 
and pay tribute to an out-standing company in Fremont, OH. Cresent 
Manufacturing Co. was founded in 1898 as a disposable blade 
manufacturer and has operated continuously in Fremont since that time.
  The firm makes 1.5 million steel blades a day for use in the medical, 
industrial, and other specialty fields. In March 1995, the owners of 
the company were nominated for Entrepreneur of the Year. This honor 
recognizes the tremendous effort performed by the management and staff 
of Crescent in bringing their company through a chapter 11 bankruptcy 
process. Their story reflects the spirit of enterprise that has made 
our Nation strong.
  After taking over the company in 1990, the directors decided the debt 
which Crescent owed was too big and filed for protection under chapter 
11. The very next day after obtaining controlling interest in the 
stock, changes were made. Costs were cut, customers were brought on-
line, employees assisted in productivity enhancements and the company 
operated successfully through the bankruptcy process. The company 
exited chapter 11 on June 19, 1991, just thirteen months after filing 
for its protection.
  Loyalty from customers, suppliers, and in particular, employees got 
Crescent through tough times. In every year since, sales have increased 
reaching $10.1 million in 1995. Crescent employs 150 people and has a 
payroll of $4.5 million annually. Their success has been Fremont's 
success.
  Mr. Speaker, I ask my colleagues to join me today in recognizing the 
achievements of the staff and management of Crescent Manufacturing Co. 
and encourage them to continue to uphold what has become the standard 
of excellence in Ohio.

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