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ALBANY, Ore. -- Cummings Oil Company, located here, was sold to Jackson Oil, Cummings president Rick Mikesell told the Albany Democrat-Herald.
John Jackson, of Boise, Idaho, bought the company's minimarkets, but sold its commercial fuel and lube segment to Carson Oil of Portland, Ore.
Mikesell said that he would continue to operate the company's Cummings Transfer, a moving services company founded in 1901.
Almost all of the company's employees will be retained through the acquisition and will keep their jobs with Jackson Oil, Carson Oil or Cummings Transfer, according to Mikesell.
Earlier this year, Cummings Oil was named Oregon Business magazine's 33rd largest privately held company. Its annual sales averaged between $350 million and $400 million. But with profit margins at less than 1 percent, "It's a really tough industry," he told the paper.
"We went through a stretch of tough years from 1999 to 2002, it was touch and go," he added. "We made some big acquisitions of Chevron stations in Salem and Eugene and turned the corner. I felt we were at the top of our market."
To remain competitive, Mikesell told the paper that the company would need to expand outside of Oregon. "I've got four kids and I want to spend more time with them, not less," he said.