Commercial Metal nears end of bankruptcy situation
YOUNGSTOWN
Commercial Metal Forming at 1775 Logan Ave. has nearly made it through its parent company’s bankruptcy.
At the end of the month, CE Star Holdings’ purchase of the producer of tank heads and tank head accessories and its two sister companies is expected to be finalized.
Commercial has operations in Youngstown, California and Texas with a total of 148 employees. Youngstown is Commercial’s largest operation.
“We maintained that focus while a lot of other organizations can go off the rails pretty quickly,” said Bob Messaros, chief executive officer of Commercial Metal Forming. “We are glad to put this behind us and move on.”
Also, members of United Steel Workers Local 2332-1 based at Commercial’s Youngstown plant have ratified a new five-year agreement with the company that will go into effect upon the closing of the sale with CE Star Holdings.
The new deal includes a guaranteed 2 percent increase in wages for the 70 members of the union, and, depending upon profitability, raises could go as high as 3 percent in the fourth and fifth years of the agreement.
Read more about the situation in Saturday's Vindicator or on Vindy.com.