Norwood sale won’t affect workers

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Top brass at Norwood Promotional Products said Wednesday that the sale of the company won’t affect workers, including those at the company’s Red Wing plant.

“We will continue to purchase inventory and take and ship orders under normal schedules, so it is business as usual,” Norwood CEO Paul Lage said.

The Indianapolis-based producer of various promotional products announced Wednesday that it entered into an agreement to transfer ownership to Aurora Resurgence, an affiliate of Aurora Capital Group, a private equity firm managing more than $2 billion, according to a company press release.

The move is apart of refinancing and restructuring that began in 2006. Lage and the rest of the Norwood management will stay on with the company.

Norwood employs roughly 450 people in Red Wing. In September the company relocated 100 workers here from Cedar Rapids, Iowa, after severe flooding there.

Tags: business briefs, red wing, business, norwood