Foreclosure sale scheduled for Ohio molder Core Systems

By Bill Bregar
Senior Staff Reporter

Published: March 29, 2013 4:52 pm ET
Updated: March 29, 2013 5:42 pm ET

Related to this story

Topics Appliances, Injection Molding, Injection molds, Machinery

CLEVELAND -- A Cleveland law office will hold an April 2 foreclosure sale for two closed-down Ohio factories of injection molder Core Systems LLC.

Whirlpool Corp. terminated its business with Core Systems earlier this year, and the molder subsequently closed its plants in Painesville, in northeast Ohio, and Mount Gilead, north of Columbus.

Cleveland lawyer Thomas Coffey, of the Tucker Ellis firm, represents the secured creditor, Extrusion Acquisition LLC. He placed a notice of foreclosure sale in the Cleveland Plain Dealer and Columbus Dispatch. The public foreclosure sale will be at Coffey's office in downtown Cleveland on April 2 at 11:30 a.m.

Coffey said Extrusion Acquisition is a subsidiary of Chicago-based Special Opportunity Value Fund.

Unlike a typical auction, where machinery is pieced out and sold individually, the Core Systems sale only has two lots. Lot 1 is everything in the Painesville plant. Lot 2 is everything in Mount Gilead. The sale will include all equipment, molds, inventory, accounts receivable, customer lists and other things.

"Nobody's going to be able to come in and buy one or two machines. It's not that kind of an auction," Coffey said.

Instead, the goal is to have somebody buy one or both locations and try to operate them as a going business, Coffey said.

"We've had some people already submit fairly detailed bids," he said in a March 29 telephone interview.

The Painesville factory, which was Core's headquarters plant, has 61 injection presses included in the sale, with clamping forces from 60-720 tons. The Mount Gilead plant has 24 presses from 120-1,000 tons. The model years range from the mid-1990s to 2005.

"We don't know if somebody's going to buy one location or the other location," Coffey said. "We have had an awful lot of interest in both of these, but just because somebody buys all the equipment in one location or the other doesn't guarantee that they will continue to run the same kind of business in the same location once they own it."

Unlike most equipment auctions, prospective buyers cannot go to a convenient website and see a list of all of the equipment. But Coffey said he will send details to qualified buyers.

"You have to have a written offer in. You can't really just show up and bid," he said. Potential buyers must show the financial ability to close within 72 hours of the auction, he said.


Comments

Foreclosure sale scheduled for Ohio molder Core Systems

By Bill Bregar
Senior Staff Reporter

Published: March 29, 2013 4:52 pm ET
Updated: March 29, 2013 5:42 pm ET

Post Your Comments


Back to story


More stories

Image

Small is beautiful in Nissei's newest press

November 21, 2014 2:14 pm ET

Responding to customer demand for flexibility, Japanese plastics-equipment manufacturer Nissei Plastic Industrial Co. Ltd. is demoing a caster-...    More

Image

Three advancements have driven injection molding technology

November 21, 2014 6:00 am ET

Injection molding technology has made major advances in the last 25 years, from largely a world of shoot-and-ship to doing as much as possible at the ...    More

Image

Renners leaving Sumitomo (SHI) Demag

November 21, 2014 10:01 am ET

Christian Renners is leaving injection molding press manufacturer Sumitomo (SHI) Demag Plastics Machinery GmbH, the company announced Nov. 21.    More

Image

Netstal, Electra Form team up for PET preform partnership

November 20, 2014 3:15 pm ET

The Netstal division of Krauss-Maffei Corp. is teaming up with Electra Form Industries in a partnership to offer PET preform machines and molds as a...    More

Image

High pressure RTM systems moving from Europe to Mexico

November 20, 2014 4:24 pm ET

Engel Holding GmbH's subsidiary in Mexico says it has sold the first high pressure resin transfer machine system (HP-RTM) in the Americas to a Mexican...    More

Market Reports

Plastics in Brazil - State of the Industry Report

This in-depth report examines the Brazilian plastics industry from a historical and geographical context. Our analysts provide insight on economic trends and forecasts, growing manufacturing sectors that utilize plastics, private investment opportunities, market environment challenges, and innovations in R&D.

Data tables and charts on producer prices, trade, plastics production and end market indicators is also included.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events