Mitsui Decides To Install U.S. Management In Kent

Mitsui decides to install

U.S. management in Kent

KENT

Japanese conglomerate Mitsui & Co. will not install its own management team at the Davis Wire Corp. factory here despite its deep financial stake in the company. ``It's an American company; therefore, management should be done by American people,'' says an unidentified Mitsui official.

``We expect the company to be turned around, and we think a new management team will guide the company in the right direction.''

Davis Wire, based in Irwindale, Calif., was bought recently by Heico Inc., a Chicago-based industrial-holding company that brought Davis Wire out of Chapter 11 bankruptcy.

Mitsui had an unsecured $23.5 million claim against the company and, as part of the settlement, got $10 million in preferred stock, $4 million in term debt and three seats on the six-member board of directors.

Michael Heisley, principal shareholder of Heico, is now head of Davis Wire, which had $125 million in sales last year and 50 percent of the market for wire products in the western U.S. Heisley plans to spend $25 million to upgrade his plant here, which employs 160, as well as two plants in California.