THUNDER BAY, ONTARIO — A custom molding plant in Thunder Bay is up for sale after going into receivership.
Thunder Bay Magnetic Ltd. lost its only customer, Verbatim Corp. of Charlotte, N.C., for which it molded floppy disk clips, according to Russ Leroux, account manager for receiver Ernst & Young Inc.'s office in Thunder Bay.
The firm's owner, Steven Chen, returned to Hong Kong to concentrate on his businesses there.
Thunder Bay Magnetic's 11,000-square-foot plant was built in 1994 and houses 12 75-ton Sumitomo presses, Leroux said. Its net book value is about C$6.25 million (US$4 million).
Ernst & Young wants to sell the plant and equipment as one block but will sell it piecemeal if it does not receive an acceptable offer.
The plant was closed at the end of May.