COTSWORKS is pleased to announce a $5.5 million credit facility with ERIEBANK. The credit facility is comprised of working capital and equipment lines that will enable the company’s growth while supporting investment in advanced R&D and manufacturing employment.
Ken Applebaum, founder, and CEO of COTSWORKS commented, “Our relationship with ERIEBANK is a welcome change and a positive step forward for the company. Our products are designed into many of the world’s leading aviation and industrial OEM vehicles and systems. This strong financial instrument will support us as we restart the commercial aerospace operations and continue to see strong growth in Military market sales in 2022 and beyond,” said Applebaum.
COTSWORKS is recovering from the pandemic where it had previously shipped 100,000 parts in a single year. 2022 should bring the company back to about that level and also poised for growth in established markets while enabling investment in new markets such as Space and Optical Test. The growth and deployment of products within the industry’s leading manufacturers exemplifies the value of COTSWORKS’ Opto-Electric and Interconnect products which include optical transceivers, connectors, custom cabling, network, and test equipment.
COTSWORKS manufactures rugged optical transceivers and custom cables used in harsh environments, such as commercial/military aircraft, military tactical, undersea, industrial, and energy markets. COTSWORKS is based in Highland Heights, Ohio, and Fulda, Germany. COTSWORKS’ quality program is AS9100:2015 + ISO 9001D certified and is an ATEX compliant manufacturer of components and solutions that are changing the way aircraft and military systems are designed and manufactured.
ERIEBANK opened its doors in August 2005 with a sole employee, David Zimmer, an Erie native with then more than 20 years of banking experience. One year later, the first full-service community banking office was open and by September 2007, the bank had grown out of its leased space and built its first freestanding building on Asbury Road, which was designed to feature the community of Erie through the new-concept banking center style that is now found in the majority of ERIEBANK locations.
ERIEBANK, a division of CNB Bank, is a $2.7 billion bank that has been and will continue to be developed by local business and community leaders. The local decision-making provided by ERIEBANK offers a high level of dedication and service to the communities within northwest Pennsylvania and northeast Ohio.