Pendergast Partnership LLC has bought 75% of Arrington Manufacturing, according to Joey Arrington, president. The deal was completed Aug. 25, said Alan Armstrong, one of five partners with Pendergast of Rowayton, Conn. Armstrong was at the Arrington plant at the Patriot Centre industrial park on Wednesday. Arrington will remain as chief executive officer, and no changes among the company’s 25 employees are planned, Armstrong said. Arrington makes racing engines for Dodge cars in NASCAR’s Busch and Craftsman Truck series vehicles, Armstrong said. Armstrong said Pendergast “heard about them (Arrington) and approached them” about the purchase. He would not release financial details of the deal. Joey Arrington previously denied that the company was for sale. “I was mad,” he said Wednesday of the denial. “The rumor got started before I was ready to talk about” the impending sale. Arrington also said he believes that “loose lips sink ships,” and that was another reason for his response. Arrington said a press release that will be available today would explain the transaction more completely.(Martinsville Bulletin – one day link)(9-14-2006)
