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Another manufacturer 'unlikely' to inhabit Chrysler plant

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March 14, 2010

by Andrew Schunk

Twinsburg Bulletin Editor

Twinsburg -- The Chrysler Stamping Plant on Route 82 was sold at auction March 10 for $45.5 million to Maynards Industries, a Vancouver, B.C. firm that dismantles and sells off industrial facilities and equipment.

Maynards President Taso Sofikitis called it "unlikely" that manufacturing jobs would be back at the plant if the equipment is sold off. Sofikitis said Maynards is "talking to a couple possible buyers" for the stamping presses, but would not discuss ongoing negotiations with clients.

"We were satisfied with the price," said Sofikitis, who confirmed March 11 that the winning bid had been finalized by a judge in a New York bankruptcy court.

"We're looking at all options right now," Sofikitis said. "Whether that means finding someone to buy and operate the facility ... which is unlikely, with the equipment sold ... or other options."

The sale to the industrial liquidation and appraisal firm leaves the future of the 2-million-square-foot structure and its stamping presses ambiguous at best.

"This is very disappointing, another hurdle for this city," Mayor Katherine Procop said March 11. "But there is some encouragement [with Maynards' expressed intent to work with the city]. And we know how to come back stronger."

Conversations with a Maynards representative late in the day March 10 were left open-ended, Procop said.

"They said they're open to keeping manufacturing at the plant, but their goal is to make money," Procop said. "They seem amenable to our ideas, and we hope to establish a working relationship with them and the Ohio Department of Development."

According to the Summit County Fiscal Office, the plant and its equipment is worth approximately $26 million, while the land is worth $6 million.

The first of the two bids received came from Twinsburg Industrial Park LLC, part of the Cleveland-based Park Corp. investment company, which offered $27.5 million for the sprawling complex Feb. 16.

Maynards submitted their bid March 5, the bid deadline at the bankruptcy court in New York. The initial, second overall bid from Maynards had to have been at least $28.25 million.




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