PRESS RELEASE
Admiral Filter buys Sandyston firm to boost growth
By Beth Fitzgerald3/5/2009
Admiral Filter Co. has acquired the assets of the bankrupt Parmatic Filter Corp., of Sandyston, and will use the company as a catalyst for future growth, according to Ira J. Perlmuter, chairman. The company makes heavy-duty fuel, oil, air and water filters for the maritime and aviation industries.
"We have identified three or four other acquisitions in related industries, and we are going to use this as a platform to grow this business in New Jersey," Perlmuter said. The company also plans to grow its business through aggressive marketing in the commercial sector.
The name Parmatic will disappear as the company reorganizes under the Admiral Filter name, and the sale marks a new chapter for the company, Perlmuter said. Parmatic had pleaded guilty in federal court in Newark to charges that the company had supplied substandard filters to the military, according to a Sept. 7, 2007, statement from the U.S. Attorney’s office in Newark.
Parmatic had been barred from selling to the military, but Perlmuter said he has succeeded in having the ban on such sales lifted and will now rebuild operations.
The company had eight employees when Admiral Filter closed on the purchase a week ago, and a ninth worker has since been hired, Perlmuter said. Terms of the sale were not disclosed.
"We are putting money into the company and upgrading the technology," Perlmuter said. "We are updating and re-energizing the operations."
Admiral Filter also acquired the assets of a sister company, Parmatic Pollution Control Corp., which has a service arm that works on ships around the world, Perlmuter said. This company recently serviced a vessel for the Fire Department of New York and a U.S. Navy warship in the Middle East, he said.