Buck Knives Inc. has announced that the company will relocate to Post Falls, Idaho. The move will take place during the first quarter of 2004.
In 2002, Buck achieved a 10 percent increase in sales revenue and 18 percent increase in units out the door, and is working toward continuing this upward trend, according to CJ Buck, president and CEO.
However, there was no ignoring the high energy costs and other less-than-business-friendly constraints the California-based company struggled to operate under, ultimately affecting profitability.
"The simple truth is that we can continue to achieve and surpass our goals more effectively in Idaho than in California, among other benefits," Buck said. "These major savings are hard to ignore in an increasingly competitive marketplace."
Asked what this means to Buck's almost 250 employees, Board Chairman Chuck Buck said, "They're a great part of the business, and the company is working on details for incentive plans during the transition. These incentive plans will include severance and stay-on bonuses.
"We still need to manufacture thousands of knives and we certainly have no planned layoffs," he added. "When the move takes place, we will encourage key personnel to relocate with the company."
Buck celebrated its 100th Anniversary in 2002.
SNEWS View: When we first reported on April 11, 2002, that Buck was looking to move, few experts we spoke with gave California a prayer of hanging on to the venerable company. Frankly, we're surprised it took Buck this long to announce a move. Lower energy costs, tax concessions and more made Idaho a state that was willing to do what it needed to win the hearts of Buck execs. No doubt there will be those who don't want to make the move with Buck, but we do know that CJ and family are doing all they can to make the change as painless as possible for their employees. Even the employees realized that if Buck stayed, the company could not continue to operate in its current mode.