Company gets bid for machinery

YOUNGSTOWN -- Cold Metal Products is preparing to sell the machinery in its closed Campbell plant, even as workers consider forming an employee-owned company to operate it.
National Machinery Exchange of Newark, N.J., an equipment dealer, has made a $606,000 bid to buy nearly all the machinery in the local plant and one in New Britain, Conn.
Judge William Bodoh will hold a hearing Jan. 21 to complete the sale of the equipment. The successful bidder would then have 90 days to move the equipment so a real estate broker could sell the plant building.
Harry Kokkinis, a consultant for workers trying to reopen the plant, said they will develop a strategy to acquire the machinery in the plant but wouldn't elaborate on what they are planning.
Lead bidder
The judge Tuesday approved naming National Machinery the lead bidder, which allows it to receive between $10,000 and $30,000 if it isn't the winning bidder.
Other companies have until Jan. 17 to submit competing bids.
Koschik said Cold Metal isn't sure if other companies will bid but some were interested earlier. Three or four companies made offers to be the lead bidder and one company eventually matched an earlier offer from National Machinery. The New Jersey company then raised its bid by $100,000.
Cold Metal filed for bankruptcy protection and closed the Campbell plant in August. The Sewickley, Pa.-based company, which employs 350, has an office in Boardman and plants in Ottawa, Ohio; Roseville, Mich.; Indianapolis and Canada.