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NINETY EIGHT REGENCY

FORMER CHRYSLER PLANT TO BE LIQUIDATED, NOT SAVED

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FORMER CHRYSLER PLANT TO BE LIQUIDATED, NOT SAVED

By Mark Kleis

Chrysler’s unwanted Twinsburg, Ohio, stamping plant, which it sold for $45.5 million to Maynards Industries Ltd. during bankruptcy restructuring, is now set for liquidation after Maynard failed to procure a buyer for the site.

When Maynard purchased the stamping plant from Chrysler it had envisioned finding another automaker or parts producer to purchase the facility, with the intent of continuing stamping-based production. Now, the Canada-based company says it was unsuccessful in procuring a buyer interested in the whole facility, after talks fell through with at least several potential buyers, according to Cleveland.

Maynard has now scheduled an auction to sell off the remaining equipment for September, with Chrysler set to end production this month, laying off 206 more workers, and leaving just 77 workers until the end of July.

What will become of the equipment and site?

Maynard hopes to auction off the plant’s stamping presses, overhead cranes, woodworking equipment, industrial-sized drills and miscellaneous small equipment in September. The building and land will also be included in the September auction, but if no buyers are found then they will consider other options to bring in new owners or tenants for the property.

Larry Finch, the city of Twinsburg’s development director, told Cleveland that the process of dismantling and selling the presses could last through 2011, and in the meantime the city hopes to find new investors interested in potentially redeveloping the site.

link:

http://www.leftlanenews.com/former-chrysler-plant-to-be-liquidated-not-saved.html

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