New Vad LLC, DBA Vaddio
By DICK YOUNGBLOOD, Star Tribune
Business: Manufactures robotic video cameras and the elaborate control consoles that allow one person to command multiple cameras to pan, tilt and zoom in or out with the twist of a joystick.
Founded: 2003; sold in 2004 and refounded in 2007
Headquarters: New Hope
Website: www.vaddio.com
Executives: Owners Rob Sheeley, president and CEO; Tom Mingo, vice president of sales, and Steve Sullivan, chief financial officer
Employees: 52
2009 revenue: $21.3 million; on track to reach $28 million in 2010
Quote: "As technology becomes more and more a key factor, wage levels will become less important." -- Sheeley, talking about why products such as his can be manufactured profitably in the United States, rather than overseas.
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DICK YOUNGBLOOD, Star Tribune
The party supply company told employees on Friday that it’s going out of business.
