Northborough, MA (11-01-2005) – Carey D. Rhoten and Peter E. Rhoten, principal owners of The Hope Group Corporation, 70 Bearfoot Road, Northboro, MA, today announced that as part of a plan for preserving and protecting the stability of the company in the years ahead, three new business entities have been established to reflect the growing market position of its main individual business segments. The new entities will consist of Limited Liability Corporations (LLC) thus providing a continuity of ownership with those most closely connected with its continuing success.
The Hope Group Corporation and its antecedent companies extend back for over 100 years, having been founded in Hope , RI in the late 1800’s. As of October 1, 2005 , promoted were Anthony Cantone, President of The Hope Group LLC; Mark Ferland, President of Sorensen Systems LLC; Phil Lund, Vice-President of The Hope Group LLC; Randy Roy, Operations Manager of The Hope Group LLC and Hope Air Systems LLC; and Jay Hannon , CFO of THG Corp.
Each executive has been an active employee and manager with The Hope Group for many years. Carey Rhoten and Peter Rhoten will continue to hold majority ownership positions in the Hope Group Corporation which is now known as THG Corp and the newly created LLC companies that will be known as Hope Air Systems LLC, Sorensen Systems LLC and The Hope Group LLC. The new corporate structure will be controlled by THG Corporation, headquartered at 70 Bearfoot Road Northboro, MA.
“This is an exciting opportunity for our company and for all our employees,” said Carey Rhoten. “My brother, Peter, and I are delighted that these outstanding individuals have agreed to assume a higher role with The Hope Group and its member companies, with an eye toward sustaining our years of success and building opportunities for all our employees in the years ahead,” he added.
The Hope Group markets its industrial products through The Hope Group, Hope Air Systems and Sorensen Systems companies. It also operates The Leen Company of Maine and Bosworth Fluid Connectors in Rhode Island as member companies of The Hope Group. It operates a total of five ParkerStores, in Bangor ME , Portland ME , Manchester NH , Fitchburg MA and Cranston RI .
The Hope Group has 120 employees and is a leading industrial distributor of hydraulic, pneumatic, fluid connector, instrumentation, automation, seal and air compressor products, principally from Parker Hannifin, GE Fanuc and Kaeser Compressors. It operates from a 60,000 square foot office, fabrication and warehouse facility at 70 Bearfoot Road, Northboro, MA.