FRANKLINVILLE — The Ontario Knife Co. has been sold to an out-of-state interest and is expected to close by the end of the month, the Olean Times Herald learned Thursday.
The move would put 56 employees of the Franklinville cutlery out of work effective July 27. Ontario Knife makes tactical, outdoor and home edged products. Before moving to Franklinville, the company had its roots in Naples, N.Y., where it was founded 134 years ago.
The parent company, Elma-based Servotronics, which is primarily involved in manufacturing aerospace components, announced plans to sell Ontario Knife on March 30.
The sale has been made to a Virginia-based distributor, Blue Ridge Knives.
Cattaraugus County economic development officials had been working with a group of local investors who had hoped to purchase Ontario Knife’s legacy brand.
“It’s devastating,” said Corey Wiktor, executive director of the Cattaraugus County Industrial Development Agency and part of the county’s effort to retain the company and the jobs.
Wiktor said the IDA will reach out to Servotronics to see of space in the Franklinville building can be utilized for manufacturing for the parent company. They also want to see if any existing equipment could remain at the plant for a possible cutlery startup operation,