LOUSIVILLE, KY –Wells Fargo & Co. has stepped up to the plate with an estimated $40 million credit line for slumping Hillerich & Bradsby, maker of the Louisville Slugger bat and other baseball related products.
The Wall Street Journal reports Hillerich & Bradsby will use the money for daily operations as well possible acquisitions and growth projects. According to the article, the investment will also enable Hillerich & Bradsby to focus on fixing its manufacturing inefficiencies and to help it regain market share.
WSJ said the baseball products manufacturer turned to Wells Fargo after longtime lender PNC Financial Services Group increased its interest rate. According to WSJ, the recall last year of 6,200 Louisville Slugger bats made in China also contributed to the new credit terms demanded by PNC.
Privately owned, Hillerich & Bradsby has been producing wood bats for more than 100 years. The company notes current MLB home run leader Chris Davis, as well as other notable MLB players Derek Jeter, Josh Hamilton, Jason Heyward, Joey Votto, Curtis Granderson, Evan Longoria and David Wright, are among those that use Louisville Slugger bats.
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