CAMBRIDGE, N.Y. -- A local paper-distributing company which employs 85 people in the area has been sold.
Morcon Inc. was established in 1987 by founder and president Wayne R. Morris, and also employs 120 people at a second facility in Great Falls, S.C.
The new owner, Joseph F. Raccuia, 55, is taking over the business after initially considering its purchase more than five years ago.
Former president of Finch Paper in Glens Falls, Raccuia said he has "absolutely no plans" to reduce the number of employees at the company's Cambridge headquarters, and instead expects the number of workers to rise over the course of the upcoming year.
Targeting the away-from-home market, Morcon buys large "parent rolls" of paper products from manufacturers in the United States and Canada and packages them into smaller rolls before selling them through wholesale distributors for commercial, healthcare and industrial use.
In a statement, Morris said it is "the right time" for him to move on.
"Morcon has been my family's life for nearly three decades," said the founder. "I could not have found a more qualified or interested buyer than Joe, and would not have entrusted this business to anyone with lesser credentials or enthusiasm."
Previously, Raccuia spent six years as president and CEO of SCA Tissue North America, producing a 35 percent growth in sales, as well as nine years with the former Encore Paper tissue mill in South Glens Falls.
Originally from Brooklyn, Raccuia attended Wagner College on Staten Island, earning a bachelor's degree in business administration and an MBA in management with a minor in marketing.
While the purchase of the Route 22-based company fulfills "a lifelong dream," Raccuia's larger vision includes expanding the company over the next several years to figure in the central and western parts of the U.S. market.
"There's so much business potential here," said Raccuia, while not ruling out a future in a larger, international sales role.
Helped with the business plan by his son Chris, before the younger man relocated to California, Raccuia hopes to see the company stay in his family, and said he has no plans to sell.
Morris will remain on as a consultant during the initial transition, along with his wife Susan. Their daughter, Laura, will remain in a sales capacity.
Counting one of the most important details to manage during the early days of the sale as the seamless transition for employees, the new owner plans to take a more active role in local priorities.
"We've been under the radar as a company," said Raccuia, citing local schools and organizations as deserving of support.
"We recognize that we're an important part of the community and we intend to act on that."
Raccuia and his wife Valerie, 50, live in Wilton and recently celebrated their 30th wedding anniversary. The couple have two children, Victoria, 22, and Chris, 25.
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