Price pact reported for closed Maumee stamping factory
23.03.2008 03:17
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- Source: toledoblade.com
A former manager who hopes to revive an idled auto parts plant in Maumee said he and owner Ford Motor Co. have agreed on a price and probably will sign a purchase contract this week. Keith Obey wants to buy the car maker's former Maumee Stamping plant with money raised from employees under a so-called employee stock ownership plan, or ESOP. Stefanie Denby, a Ford spokesman, confirmed that negotiations continue with Mr. Obey. But she declined to comment on the status of talks. Mr. Obey wouldn't disclose the purchase price, but he said each employee would be required to buy a share of stock in the newly formed company for $16,000. About 600 prospective employees have expressed interest in the arrangement. The firm, called Maumee Stamping Authority, initially would employ 250, with plans to hire another 250 next year and more employees later. The plant, which formerly made bumpers, body panels, and other parts for Ford, has bid on $195 million in work from car makers and other firms, Mr. Obey said. Initial contracts are likely to be signed in coming days, he added. He declined to disclose customers. Ford shut the plant last fall as part of its effort to return to profitability. But Mr. Obey said he believes that the factory can be profitable with teamwork and dynamic leadership. He is to meet today from 11 a.m. to 1:30 p.m. at Maumee's Eagles Club, 827 Illinois Ave., with people who have already applied to work at the plant. A second meeting is set for 1 p.m. to 4 p.m. Thursday at the club for other people interested in working at the plant but who have not yet applied. Even though the firm has an ample employment pool, the goal is to find the 250 most qualified employees, Mr. Obey said. Only those people who are actually hired will be required to buy stock in the venture, he added.
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