If a judge approves, Taylor's Industrial Services LLC will buy two HPM machinery factory buildings in Mount Gilead, Ohio, for $2 million.
Taylor's has been using the buildings to make injection presses, extrusion systems, die-casting machines and metal-forming presses since it bought the assets of HPM Corp. in 2001, just before HPM filed for Chapter 7 liquidation in U.S. Bankruptcy Court in Columbus, Ohio. The assets did not include the factories, which Taylor's has rented.
Bankruptcy trustee Sara Daneman is asking Judge Barbara Sellers to approve the sale of the main factory, which measures 200,000-square-feet, and a smaller building, to Hobart, Ind.-based Taylor's.
Christopher Filos, president and chief executive officer of Taylor's Industrial Services, said he negotiated the purchase price with Daneman last fall. A sales agreement filed in court is dated Feb. 1.
The $2 million purchase price includes a credit for $350,000 already paid by Taylor's.
Meanwhile, Filos said the machinery operation, now called the HPM Division of Taylor's, is making sales and getting ready for the NPE 2003 show. ``We are busy,'' he said.
In other news from the HPM Corp. bankruptcy case, employees and retirees stiffed out of health coverage when the company closed down in the summer of 2001, will be getting some money. Daneman wants the judge to approve her plan to refund health-coverage premiums that workers and retirees paid, but which former management never paid to the insurance company. Most of the money was withheld from paychecks for coverage for July 2001, after HPM shut down.
Taylor's bought the assets of HPM on July 30, 2001.
Daneman, a lawyer in Gahanna, Ohio, filed a list of 20 people scheduled to get a refund.