Protecting Charlotte’s Manufacturing Engine
Jul 16, 2012
When a car broke down in 1924, there were few options available. So when traveling salesman I.D. Blumenthal had his car’s radiator repaired by a Charlotte mechanic’s ‘magic powder,’ he instantly recognized its potential. I.D. partnered with the tinsmith and Solder Seal® became the first product of Radiator Specialty Company. A Company that continues to be owned and operated by The Blumenthal Family of Charlotte.
The Company, now known as RSC Chemical Solutions has grown over the past eight decades from its sole focus of radiator repair products into manufacturing a multitude of chemical solutions, including degreasers, lubricants and maintenance additives, for a variety of industries sold under their industry leading brands GUNK®, Liquid Wrench®, MotorMedic® and Tite-Seal®. In addition, the Company offers a line of biobased chemical products for cleaning, degreasing, lubricating and penetrating applications. The Company has not only grown domestically, but globally, with more than 1,600 customers in 81 countries.
Throughout its growth, RSC Chemical Solutions has relied on its relationship with Bank of America to support the Company’s progress. So when the Company planned to move its offices while simultaneously upgrading its information systems and expanding its manufacturing capabilities, it turned to the bank for help.
Bank of America, recognizing the impact of the Company’s local and international economic impact, provided its long-term partner with a $25 million line of credit to help the Company expand, as well as increase its marketing efforts and modernize its information systems.
“RSC Chemical Solutions is a major contributor of manufacturing and growth for Greater Charlotte,” said Sarah Warren, Bank of America Merrill Lynch. “The Company is a perfect example of recognizing an opportunity and continuing to build upon it.”
RSC Chemical Solution products are now manufactured at its 400,000 square foot operations facility in Indian Trail, North Carolina. This facility not only helps it keep pace with its global demands, but also employs over 130 in the community. The bank has played an important role in helping the Company achieve this success.
“As RSC Chemical Solutions has grown, Bank of America has worked with us to find solutions for each new challenge we’ve faced,” said David Goodson, Vice President of Finance at RSC Chemical Solutions. “When we realized that we needed to significantly expand our lending capacity, Bank of America took the time to work with us to find the best financial solutions available.”
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