Atlas Putty Products
|Company:||Atlas Putty Products|
|Amount of Bond:||$2,900,000|
|Interest Rate:||4.2% floating|
|Jobs:||45 jobs created & retained|
|Type of Project:||Putty Manufacturing|
|Bond Issued:||December 1999|
In December of 1999, WKRDA issued a bond in the amount of $2,900,000 for Atlas Putty Products Co. The company constructed a new 45,000 sqft facility to manufacture putty, spackling and other paint supplies on a 9.6 acre site at in Tinley Park located along the north side of Interstate 80 between 80th and 84th avenues. The property has approx. 24,000 sq ft in the flood zone of which 12,000 sq ft is wetlands. The company purchased a new bulk handling system for their calcium carbonate which will automatically convey powder to their mixers for processing. The total project was $2.9 million and retained and created 45 jobs.
Atlas Putty Products Company (Atlas) is a manufacturer of glazing compounds spackle, putties, wood fillers, caulks and special mastics. Approximately 75% of the company’s products are generated from private label and contract packaging. The company’s client list includes True Value, Ace Hardware, Sherwin Williams, Red Devil, Bondex, H. B. Fuller, Hobbico, and W. C. Wood Company. Atlas Putty Products Company, founded in 1947 by Benjamin Cope. The company went through several owners until it was sold to Jack Payton who began to market products almost entirely to this wholesale hardware distribution market. In 1984 an addition was built which tripled the size of the facility to 6,800 sq ft. In 1987 David in Matthew Payton joined the firm. In 1991 the company acquired Perm-E-Lastic, which tripled the business and provided increased opportunities in spackling, private label contracts and distribution. In 1995 the company built a new 23,000 sq ft facility in Tinley Park and Jacqueline Payton assumed the role as chief financial officer.