Article: South Bend, Ind.-Based Machine Manufacturer to Get New Owner.

Knight Ridder/Tribune Business News

Oct. 28 -- One of South Bend's most venerable manufacturing companies, South Bend Lathe Corp., could soon have a new owner, Derda Inc. of Niles.

The Industrial Revolving Fund of South Bend has approved a $680,000 loan as part of a $5 million package for Derda Inc. to purchase South Bend Lathe.

"We are just wrapping up the bank financing today," said John Derda, president of Derda Inc., on Wednesday. Derda said he plans to expand South Bend Lathe and increase employment beyond its staffing of 80 people. In the 1970s, South Bend Lathe employed some 500 people. However, during the 1980s the company struggled ...

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