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

Comar merging with Convergence Packaging

October 21, 2014 5:07 pm ET

A couple of plastic packaging companies owned by private investment firm Graham Partners are merging into a single entity.    More

Image

Asia continues driving sales for Engel

October 21, 2014 2:42 pm ET

The number seven seems to be special for European plastics machinery makers at the moment — injection press giant Engel Holding GmbH said Oct....    More

Image

Report: Suspected former Nazi with plastic connection collecting Social Security

October 20, 2014 3:52 pm ET

AKRON, OHIO — A one-time plastics executive in Akron is among dozens of suspected former Nazis who have been collecting U.S. Social Security...    More

Image

Trexel charges patent infringement against Taiwan company

October 20, 2014 3:25 pm ET

Trexel Inc., the supplier of the MuCell microcellular foaming technology, is accusing a Taiwanese company, Chuan Lih Fa Machinery Works, of violating ...    More

Molder expands in France with new clean room

October 20, 2014 1:30 pm ET

Global Closure Systems (GCS), a global injection molding producer, showed off its new ISO 7 clean room at its Astra Plastique factory in France during...    More

Market Reports

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

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

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

More Events