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Wind-Turbine Maker That Obama Praised Files for Bankruptcy
IndustryWeek ^ | July 1, 2011 | Josh Cable

Posted on 07/01/2011 12:14:56 PM PDT by Red Steel

Company is having trouble obtaining financing for working capital.

Cardinal Fastener & Specialty Co., a Cleveland-based manufacturer of screws and bolts for wind turbines, filed for Chapter 11 bankruptcy protection Thursday.

Cardinal President John Grabner told the Cleveland Plain Dealer that the bankruptcy filing is necessary because the company is having trouble obtaining "working-capital financing" from its primary lender, Wells Fargo.

Grabner also told the Plain Dealer that the company is profitable and its revenues are growing.

President Obama visited Cardinal
, which is in Bedford Heights near Cleveland, in January 2009 before his inauguration.

"Renewable energy isn't something pie in the sky," Obama said during a speech at Cardinal. "It's not part of a far-off future. It's happening all across America right now.

" ... It can create millions of new jobs and entire new industries if we act right now."

Jeff Grabner, vice president and head of the company's wind business, told the Plain Dealer earlier in the week that Cardinal had been losing business to European suppliers who had underbid Cardinal, forcing the company to trim its workforce by 15 employees a year ago.


TOPICS: Business/Economy; Politics/Elections
KEYWORDS: obama; schadenfreude
And I thought the Obama wind industry was going like gangbusters. /sarc
1 posted on 07/01/2011 12:14:58 PM PDT by Red Steel
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To: Red Steel
...forcing the company to trim its workforce by 15 employees a year ago.

Jobs created or saved?

2 posted on 07/01/2011 12:19:14 PM PDT by matt04
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To: steelyourfaith

Ping.


3 posted on 07/01/2011 12:19:29 PM PDT by Army Air Corps (Four fried chickens and a coke)
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To: Red Steel
And I thought the Obama wind industry was going like gangbusters. /sarc

a little friendly editing....

4 posted on 07/01/2011 12:19:36 PM PDT by DrDavid (George Orwell was an optimist.)
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To: Red Steel

5 posted on 07/01/2011 12:20:14 PM PDT by Red Badger (Nothing is a 'right' if someone has to give it to you................)
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To: Red Steel

From their web site.
——Cardinal Fastener & Specialty Co., Inc. is the largest fastener manufacturer of large diameter, hot forged bolts in North America. Our products, which are manufactured in various head styles and diameters up to 3” or M72, can be seen on our innovative Birdie Chart.

Short Lead Times, Unsurpassed Quality
Cardinal prides itself on having the shortest lead times (as fast as same day) of any manufacturer in the world. In addition, our quality is unsurpassed. That’s how we became the first fastener manufacturer in the world to receive ISO 9001:2008 certification.

A Presidential Visit
Our reputation as a high performance, American quality manufacturer attracted the attention of President Elect, Barack Obama, in January, 2009. The president highlighted Cardinal Fastener’s success when he visited our company, an event that was covered by over 200 media outlets from all over the world.——

They are really just a bolt company that happens to make bolts suitable for wind turbines. They were given the kiss of death when Obama visited them

Companies know their vendors and given a choice, many would not buy from a company fawned over by the Messiah. I know I wouldn’t


6 posted on 07/01/2011 12:21:43 PM PDT by bert (K.E. N.P. N.C. D.E. +12 ....( History is a process, not an event ))
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To: Red Steel

rabner also told the Plain Dealer that the company is profitable and its revenues are growing.


Yeah. And what are other greatest lies: The check is in the mail and I forgot what the other one was. Lol.

Don’t the understand, the reason the bank won’t loan them money is because they are profitable. Yeah, that’s what it is.

I think the bank has more common sense than these Greenies.


7 posted on 07/01/2011 12:22:00 PM PDT by DH (Once the tainted finger of government touches anything the rot begins)
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To: Army Air Corps
"Renewable energy isn't something pie in the sky,"

SOMEONE NEEDS TO TELL HIM, "YES, IT IS."..................

8 posted on 07/01/2011 12:22:00 PM PDT by Red Badger (Nothing is a 'right' if someone has to give it to you................)
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To: Red Steel
Man, this bozo is really on a roll. First there was that metalworking place in Allentown that Romney was talking about, now this windmill place goes bust. Obozo has the inverse Midas touch. Everything he touches turns worthless.
9 posted on 07/01/2011 12:22:49 PM PDT by chimera
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To: Red Steel
manufacturer of screws and bolts for wind turbines

I know little about the screw and bolt industry, but if you make screws and bolts, wouldn't you make screws and bolts for other things too?

10 posted on 07/01/2011 12:23:28 PM PDT by Larry Lucido
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To: Red Steel

Every time he visits a company, it closes. Every time he endorses a politician, that person loses.

He really is the Kiss of Death.


11 posted on 07/01/2011 12:24:11 PM PDT by Maceman (Obama: As American as nasei goreng)
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To: Larry Lucido

These are HUGE fasteners. I don’t what the market for them looks like, but it is a niche. Wind Power may well be a substantial fraction of their market.


12 posted on 07/01/2011 12:26:15 PM PDT by Cboldt
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To: Red Steel

Even Politico Wonders Where All Obama’s “Green” Jobs Are

President Barack Obama heads to an energy plant in North Carolina on Monday to talk once again about the job-creating power of a green economy.

The catch? Nearly three years into Obama’s presidency, the White House can’t point to much solid evidence that significant numbers of Americans are scoring the green jobs the president has been touting.

If the economy was roaring along and unemployment was down below 6%, pushing for more “green” jobs wouldn’t be so problematic. People and companies would have the choice to move some positions towards said “green.” With unemployment about 9.1%, and having been above 9% for years, funding “green” job training programs with federal money for jobs that barely, if at all, exist, is foolish.

Monthly Labor Department employment reports say nothing about the new clean energy workforce, while an effort to document how many Americans actually make a living in the “green collar” field may not be done by November 2012.

http://www.thepiratescove.us/2011/06/13/even-politico-wonders-where-all-obamas-green-jobs-are/


13 posted on 07/01/2011 12:29:11 PM PDT by ilovesarah2012
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To: Cboldt

The wind power industry that was going gangbusters since about 2005 seems to be kind of on hold right now.


14 posted on 07/01/2011 12:33:20 PM PDT by ngat
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To: Red Badger

They should have put the wind turbines on the tops of the Big Rock Candy Mountains. Someplace, where all the cigarette trees wouldn’t block the breezes.


15 posted on 07/01/2011 12:35:59 PM PDT by USFRIENDINVICTORIA
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To: chimera

Don’t forget the factory making solar panels.


16 posted on 07/01/2011 12:36:09 PM PDT by Army Air Corps (Four fried chickens and a coke)
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To: USFRIENDINVICTORIA

By its very name, “renewable energy” goes against the laws of physics......................


17 posted on 07/01/2011 12:38:28 PM PDT by Red Badger (Nothing is a 'right' if someone has to give it to you................)
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To: ngat
The wind power industry that was going gangbusters since about 2005 seems to be kind of on hold right now.

Waiting for their 'second wind'.....................

18 posted on 07/01/2011 12:39:12 PM PDT by Red Badger (Nothing is a 'right' if someone has to give it to you................)
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To: Cboldt

“Large bolts and fasteners” go into things like bulldozers, paper making machinery....you know, things that are made in China now. Oh, bridge modules (made in China now).


19 posted on 07/01/2011 12:43:57 PM PDT by NewHampshireDuo
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To: Red Steel

Well, back in 2005 Wind Energy was doing pretty well, thanks to a lot of government grants and subsidies,

The biggest wind project company in the US, afteall, was ENRON. We all know what happened to ENRON and the wind project was taken over by GE with a large investment by Warren Buffet.

Then the wind projects hit a major road block, it seems that the turbines that they were using were not living up to expectations and needed re-working. The largest supplier of wind turbines in the world was in the Netherlands and they admitted to a design flaw. (according the WSJ)

So, all the turbines needed re-working or replacing and that couldn’t be done without government money.

Along come the Messiah and allocates the money through his stimulus bills.

Alas, the money is gone and the grants expired.


20 posted on 07/01/2011 12:47:41 PM PDT by Eva
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To: USFRIENDINVICTORIA; All
"They should have put the wind turbines on the tops of the Big Rock Candy Mountains."


21 posted on 07/01/2011 12:48:36 PM PDT by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: Red Steel

Looking like having zero praise your company is the kiss of death. First a battery company (not sure if they actually went bankrupt), then a restaurant, now a wind turbine company!


22 posted on 07/01/2011 12:50:24 PM PDT by 6ppc (It's torch and pitchfork time)
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To: Red Steel

Aw, oh, it looks like I’m wrong, the Democrats extended the federal grants until the end of 2012, just before they left town in December 2010.


23 posted on 07/01/2011 12:50:32 PM PDT by Eva
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To: ngat
"seems to be kind of on hold right now"

A google news search of wind farm shows quite a bit of activity. But as the article points out, the US is falling behind on this.

Much will depend on new transmission lines. And as above, can the US catch up on the DC transmission lines.

The Texas CREZ project is waiting on the transmission lines(2014). The Tres Amigas(DC) project is moving forward. Clean Lines out of Houston has 4 DC lines in various stages.

24 posted on 07/01/2011 12:53:33 PM PDT by Ben Ficklin
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To: Red Steel
Is that the Greek Chorus I hear getting warmed up in the background?

O the Dramgedy of it all!

25 posted on 07/01/2011 12:56:32 PM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
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To: Red Steel
Wind-Turbine Maker That Obama Praised Files for Bankruptcy
26 posted on 07/01/2011 1:02:04 PM PDT by greatdefender (If You Want Peace.....Prepare For War)
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To: musicman

Wind turbines belong in Chicago — the Windy City.


27 posted on 07/01/2011 1:07:09 PM PDT by 353FMG
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To: Red Steel
And I thought the Obama wind industry was going like gangbusters. /sarc

The double entendre of that is terrific. Obama, as a wind machine himself, is still in full production. Too bad his wind produces nothing useful.

28 posted on 07/01/2011 1:08:37 PM PDT by Mind-numbed Robot (I retain the right to be inconsistent, contradictory and even flat-out wrong!)
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To: Red Steel

Focused like a laser!


29 posted on 07/01/2011 1:11:24 PM PDT by HChampagne (I am not an AARP member and never will be.)
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To: Red Steel

I semm to remember a freeper in the know saying the only reason wind turbines make a profit is because of government subsidies. They are money black holes otherwise.


30 posted on 07/01/2011 1:12:01 PM PDT by I still care (I miss my friends, bagels, and the NYC skyline - but not the taxes. I love the South.)
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To: Mind-numbed Robot; Red Steel

Might even be a triple-entendre!


31 posted on 07/01/2011 1:13:51 PM PDT by Attention Surplus Disorder (Tired of being seen as idiots, the American people went to the polls in 2008 and removed all doubt.)
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To: Cboldt
It is power generation in general, from 3” riser bolts, to 4 1/2” socket head cap screws all the way down to 1/2” ferry heads, lots of variety in quality headed products.
Most of the stuff that is bought from overseas is generic B7/B7M & L7/L7M, the Chinese parts are still garbage, but the Korean materials are actually pretty good.
the place I work for had business with Cardinal in the past, there quality was fine, but their deliveries were poor.
But with them possibly going out of business, opens up some potential gains for the company I work for.
32 posted on 07/01/2011 1:15:36 PM PDT by TexasM1A
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To: NewHampshireDuo
“Large bolts and fasteners” go into things like bulldozers, paper making machinery....you know, things that are made in China now. Oh, bridge modules (made in China now).

Exactly - you think the Asians are going to buy fasteners here - or build up their own industry?

33 posted on 07/01/2011 1:37:40 PM PDT by Last Dakotan
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To: I still care

Plus they’re ugly as all get out! Why can’t they disguise them as oil wells or something?


34 posted on 07/01/2011 2:11:17 PM PDT by shorty_harris
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To: chimera
Obama says Ohio eatery, New Chet's helped by auto bailout, then restaurant goes out of business
35 posted on 07/01/2011 2:24:42 PM PDT by lowbridge (Rep. Dingell: "Its taken a long time.....to control the people.")
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To: Army Air Corps; Nipfan; carolinablonde; marvlus; DollyCali; markomalley; Bockscar; Thunder90; ...
Thanx for the ping Army Air Corps !

 


Beam me to Planet Gore !

36 posted on 07/01/2011 3:06:59 PM PDT by steelyourfaith (If it's "green" ... it's crap !!!)
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To: Cboldt

Marine.


37 posted on 07/01/2011 3:09:51 PM PDT by mad_as_he$$ (Demons run when a good man goes to war.)
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To: Maceman
He really is the Kiss of Death.

He could ruin a Chinese restaurant that is next to a cat shelter.

38 posted on 07/01/2011 3:12:32 PM PDT by Tijeras_Slim
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