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CompanyNews
Benada Aluminum Motions to Sell Certain Assets to Tubelite
Benada Aluminum Products LLC, which filed for Chapter 11 bankruptcy in
August, has motioned for approval of an asset sale of certain of its extrusion
equipment and related assets to Tubelite Inc. for a purchase price of
$2.9 million. The motion was made in early September in the U.S. District
Court for the Middle District of Florida, where the case currently is
under review (see related story in September USGlass, page 12).
Tubelite had emerged as the successful bidder after Benada issued a notification
of intent to sell the equipment in August, and 12 potential purchasers
expressed interest. Among the others who bid on the company were RL Best,
Pries Enterprises, RKM Engineering and Spectra Aluminum, with initial
bids ranging between $1 million and $2.5 million. After several rounds
of bidding, Tubelite prevailed “as the successful bidder to acquire the
property”—coming in just above RL Best’s final bid of $2.8 million.
According to Benada’s motion, company officials “have determined
that the sale of the property would be beneficial to the estate … [and]
that the purchase price is fair and reasonable.” If the asset sale is
approved, creditor Wells Fargo will receive 80 percent of the sale proceeds,
while the remaining 20 percent will be used by Benada “to continue to
fund its operations.”
The court had not yet ruled on the motion at press time.
Benada Aluminum Products was formed as a Florida limited liability corporation
on June 15, 2011, to purchase the assets of two aluminum products manufacturing
companies: Florida Extruders International (FEI) and Benada Aluminum of
Florida Inc. (BAF). According to court documents, the recent bankruptcy
filing stemmed from the company's acquisition of FEI and the financial
strain that transaction placed on the company.
AGC to Build New Fabrication Facility
Alpharetta, Ga.-based AGC Glass Co. North America plans to build a new
fabrication facility for both commercial and residential glass in Atlanta.
Operations at the plant are scheduled to begin in mid-2013.
“We strongly believe in the North American market—including introducing
higher value-added products and continuing to provide a high level of
customer service,” says AGC Glass Company North America president and
CEO Mark Ishiko.
Pres-On Inc. Expands to Larger Headquarters
Pres-On Inc. has relocated its headquarters from Addison, Ill., to Bolingbrook,
Ill.
The new headquarters will house the company’s administrative, manufacturing,
warehousing and customer service in a renovated 115,000-square-foot facility
that is approximately twice the size of the company’s previous space in
Addison.
Northern Buildings Products Expand
Northern Building Products based in Teterboro, N.J., has announced it
is expanding and renovating its current facility. As part of the expansion,
12,000 square feet of office space will be added to house engineering
and staff support functions.
After the addition of the new offices, the company says it will occupy
a total of 177,000 square feet, including its Northern Architectural Systems
location in Johnstown, N.Y.
Industry Organizations Named to Inc. 5000
Inc. magazine has released its annual Inc. 5000 list of the fastest growing
companies and this year one industry franchise company and one skylight
manufacturer joined the ranks.
Solar Innovations in Pine Grove, Pa., was ranked No. 3422. According
to the listing, the company achieved 56 percent growth in the last three
years and added 29 jobs. Founded in 1998, the company achieved a revenue
of $17.1 million in 2011, compared with $11 million in 2008. In addition
to its ranking on the full list, Solar Innovations ranked No. 124 on the
manufacturing-specific list.
The Dwyer Group, parent company of the Glass Doctor, ranked No.
4993 on this year’s list. The company achieved 5 percent growth over the
last three years and added 19 employees. It achieved $77.5 million in
revenue for 2011, compared with $74 million for 2008, according to the
listing. The Dwyer Group also ranked No. 150 in the construction industry.
The Dwyer Group was ranked No. 1413 in 2007.
USG
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