- 6 -
The 1985 Agreement also incorporated an unsigned, and undated,
exclusive Employment Agreement with Charles Nemanick, who, at the
date of the 1985 transaction, was the chairman and president of
Old Lorvic. Scherer, through its new subsidiary, sought to
retain Charles Nemanick "so that the experience and management
ability" would continue to be available to Old Lorvic.
Subsequent to the 1985 acquisition, several employees of Old
Lorvic departed the company and were not, at any point, employed
by Scherer.
Charles Nemanick managed and operated Old Lorvic until his
death in 1986. Following Charles Nemanick's death, his son
Richard Nemanick, and Charles' wife assumed the positions of
president and chairman, respectively. Richard Nemanick possessed
substantial experience with the company. Specifically, he joined
Old Lorvic in 1969, holding various positions throughout the
company. In that regard, he was responsible for marketing,
manufacturing, acquisitions, and product development.
Old Lorvic was one of Scherer's profitable subsidiaries.
In that time frame, Old Lorvic earned, before taxes, annual
profit margins of approximately 40 percent. In particular, Old
Lorvic's Nyclave product which was a nylon wrap, was one of the
principal products in terms of sales volume. Old Lorvic
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011