New ownership will be taking over a major employer in Rhinelander and Michigan’s Upper Peninsula.
Oldenburg Group announced the sale of their Heavy Equipment Group today including both the Defense and Mining business units. Oldenburg was bought out by a private firm known as J.F. Lehman & Company, and will be renamed Lake Shore Systems, Inc.
Existing management and employees will stay in place, and all plants will operate as normal.
The company was founded in 1992 by former Navy Secretary John Lehman.
CEO Jessica Frost couldn’t be reached for comment by deadline time.
