The assets of Manitowoc-based Koenig and Vits will be purchased by Skana Aluminum Company, with closing scheduled between March 31 and April 16.
The plant will be re-commissioned and open for full production as soon as possible, officials said.
“We are pleased that the asset purchase agreement has been accepted by the receiver and approved by the court today,” said Thomas R. Testwuide Sr., chairman and CEO of Skana Aluminum. “Skana Aluminum Company is committed to being a strong corporate partner with the Manitowoc community.”
The executives for Skana Aluminum Company, will be Testwuide as chairman and CEO, Robert Gamba as president and chief operating officer; Ken Kazmierczak as vice president of administration and chief financial officer and Jim Dockey as vice president of sales and marketing. Gamba and Dockey both have extensive previous experience in the global aluminum industry. Testwuide has more than 25 years of experience in capital intensive, commodity processing businesses.
Koenig and Vits was a custom manufacturer of aluminum coil and blanks which closed in May 2009. The investors of Skana Aluminum Company, who have no connection to the previous majority owner, will supply the needed capital and corporate structure to rebuild the business. Commitments from past customers have already been secured and the company will continue to lease a portion of the building to Tramontina.
Additional information will be forthcoming as the company moves through closing procedures and prepares to open for business. Information about job opportunities will also be released as available.
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