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This is what is happening: "The owners are selling the business to Polycor, which runs a marble quarry operation in Georgia and can manufacture Vetrazzo's countertops more efficiently. Polycor will be able to produce four times as much Vetrazzo product as the Richmond plant, said James Sheppard, one of the Vetrazzo owners.
"We were proud of what we built here. We really needed to expand the facility and production to make it work," Sheppard said. "The right solution was to manufacture it side-by-side with another product."
This is a major reason why--the taxpayers of California would not pay to keep a money loser in the State. "The trio sought capital to expand as the economy struggled. Among the funds, they won a $1.4 million grant from the state Department of Conservation, but the state froze the grant due to its deficit. Vetrazzo had to shelve an equipment plan. The grant eventually was reinstated 9 months later, but it was too late.
"It's a challenging economic environment," Sheppard said. "Investment capital is hard to come by these days."
The bottom line is that few rational people want to invest in any California business--it is a sure loser--high taxes, AB 32, Arnold as Governor and Democrats demanding higher taxes.
California lost another 40 workers, while a Federal judge mandates 4,000 illegal aliens get to stay in California. Now you know why California has a Great Depression.
More...
"We were proud of what we built here. We really needed to expand the facility and production to make it work," Sheppard said. "The right solution was to manufacture it side-by-side with another product."
This is a major reason why--the taxpayers of California would not pay to keep a money loser in the State. "The trio sought capital to expand as the economy struggled. Among the funds, they won a $1.4 million grant from the state Department of Conservation, but the state froze the grant due to its deficit. Vetrazzo had to shelve an equipment plan. The grant eventually was reinstated 9 months later, but it was too late.
"It's a challenging economic environment," Sheppard said. "Investment capital is hard to come by these days."
The bottom line is that few rational people want to invest in any California business--it is a sure loser--high taxes, AB 32, Arnold as Governor and Democrats demanding higher taxes.
California lost another 40 workers, while a Federal judge mandates 4,000 illegal aliens get to stay in California. Now you know why California has a Great Depression.
More...