Cady Bag Co. to invest $6 million, hire more workers in Atkinson County

ATLANTA, Dec. 21, 2006 - The Georgia Department of Economic Development announced today that a longtime Pearson, Ga. business has been rescued from bankruptcy by members of its founder's family, saving 120 jobs for Atkinson County. Cady Bag Company, LLC has invested $5 million to purchase the company back from its previous owners, and will invest another $1 million in machinery to create 50-75 new jobs in the next two years as the new owners streamline its product lines and processes. 'The Cady Bag story is a tremendous testament to the community spirit and resourcefulness that abounds in our state,' said Craig Lesser, commissioner of the Georgia Department of Economic Development. "The family, community, region and state all pulled together to not only save these jobs, but create a dynamic new company that will leave a lasting impact in this region and Georgia.' The most recent owners of the Atkinson County company, which was founded in 1957 by William H. Cady, had expanded its line of packaging products, but filed for Chapter 11 bankruptcy in September 2006. Members of Cady's family and Morris Capital, an investment group, stepped in to purchase the company, which will now focus on manufacturing items close to its original product line: polypropylene fabrics, agricultural packaging and geotextile fabrics. 'We're very proud of Cady Bag's products and legacy in the community,' said William H. Cady, president of the company and son of the company's founders, William H. Cady, Sr. and Nell G. Cady. 'We knew this was the right place with the workforce we needed to help the company grow, and we appreciate the support and encouragement we got to help make it happen.' 'Cady Bag has been a strong employer in and contributor to this region for almost 50 years, and we couldn't be more pleased that the company will continue that tradition,' said Joanne Lewis, president of the Coffee County Development Authority, who assisted in the company's re-establishment. The Georgia Department of Economic Development (GDEcD) is the state's sales and marketing arm, the lead agency for attracting new business investment, encouraging the expansion of existing industry and small businesses, locating new markets for Georgia products, attracting tourists to Georgia, and promoting the state as a location for film, video and music projects, as well as planning and mobilizing state resources for economic development.