YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Leo Journagan Construction Co. Inc. has entered an asset purchase agreement that may involve layoffs, according to a filing with the state.
A Dec. 28 filing by Journagan Construction under the Worker Adjustment and Retraining Notification Act states Capital Holdings Group Inc. reached a deal that's slated to close Feb. 28. The financial terms were not disclosed in the WARN notice.
"The company's business operations will end on the implementation date," the filing reads, referring to Journagan Construction. "Anticipated employee separations are currently expected to be on the implementation of the (asset purchase agreement)."
WARN notices are filed voluntarily with the Missouri Office of Workforce Development to inform the state of plans to lay off workers. The Journagan Construction filing indicates 121 positions are affected.
It's unclear whether employees would be retained by the purchasing company.
A filing for Capital Holdings Group Inc. is not listed with the Missouri secretary of state. However, Capital Holding Group Inc. is on file. Springfield Business Journal called Capital Holding Group in Jefferson City to learn officials were out of town and unavailable for comment by deadline. An employee who answered the phone deferred comment to company executives.
Journagan Construction Vice President John View declined to comment when reached by Springfield Business Journal.
Capital Holding Group shares an address in Jefferson City with Farmers Cos., according to Missouri secretary of state records. Starting in the ready mix and asphalt business in the 1940s, Farmers Cos. now also works in sectors including quarries, real estate, frac sand and logistics, according to its website.
Journagan Construction's assets listed in the WARN notice include its headquarters at 3003 E. Chestnut Expressway, a maintenance facility on East Kearney Street and seven quarries in Ozark, Hollister and other cities.
In addition to construction aggregates, such as quarries, Journagan Construction performs highway construction and site preparation. Founded in 1948, the company has roughly $60 million in annual revenue, according to its website.
Leo Journagan, the founder and namesake of the company, died in 2014 at age 87, according to SBJ archives. His son, Allen Journagan, took over operations in 1998.
The Farmer Cos. includes Mike Farmer and his son, Kirk, who local sports fans may know because they both played quarterback for the University of Missouri. As a family, along with other relatives, they were inducted into the Missouri Sports Hall of Fame. Mike's ex-wife, Jody, was well known because she was a Miss Mizzou. Also, in 1969 she was selected to be Miss Dogpatch USA for the now-abandoned amusement park in Dogpatch, AR, that recently was acquired by Johnny Morris.