I guess I missed this announcement the first time around …
Elamex Subsidiary Precision Tool, Die and Machine Company Files for Chapter 11 Protection:
“About Precision Tool, Die and Machine Company
Precision manufactures and powder paints metal stampings primarily for the U.S. appliance and automotive industries. Precision employs over 500 personnel at three facilities located in Louisville, Kentucky, and generated annual revenue of $75.3 million in 2002.
Elamex is a Mexican company with manufacturing operations and real estate holdings in Mexico and the United States. The Company is involved in the production of food items related to its candy manufacturing and nut packaging operations, and metal and plastic parts for the appliance and automotive industries. Elamex’s competitive advantage results from its demonstrated capability to leverage low cost, highly productive labor, strategic North American locations, recognized quality and proven ability to combine high technology with labor-intensive manufacturing processes in world- class facilities. As a value added provider, Elamex’s key business objectives include superior customer satisfaction, long term supplier relationships and employee growth and development, with the ultimate goal of continuously building shareholder value.
Elamex also announced that its Board of Directors has authorized the adoption of a plan to sell Precision. Elamex will initiate a process to actively market and sell the subsidiary as soon as practicable. Any sale will be subject to the approval of the U.S. Bankruptcy Court. Management intends to engage the services of an investment advisor to assist in these efforts.