Miller-Holzwarth sale progressing
A court-appointed receiver assigned to sell the assets of Miller- Holzwarth, the former defense contractor on West Pershing Street that closed unexpectedly in July, says the factory is garnering considerable interest from potential buyers across the country.
In August, the company was ordered to pay $1.5 million to NoraTec, another defense procurement contractor, stemming from an arbitration agreement the businesses entered in 2009.
When it became evident Miller-Holzwarth could not make good on those payments, a Medina County judge ordered the $1.5 million payment, which eventually fell through, leading NoraTec to request a receiver to sell off the assets of the company so it could collect its debt.
Now, Lisa Barbacci, an attorney working to do just that for the court, says efforts to sell real estate, equipment, inventory and buildings at the Salem site are gathering steam and earning interest from other defense contractors across the U.S. and Ohio, including some from the Youngstown area.
Barbacci would not disclose the parties but wanted to make clear that an offer still was on the table for any proprietor looking to move into the facility for any defense-manufacturing purposes.
Miller-Holzwarth produced a varied line of periscopes for armored combat vehicles, vision blocks, ballistic windows and several other components for the U.S. military.
Barbacci said a sale price had not been decided on for assets at the facility, nor had a sale process, such as bidding procedures, been determined.
She added that many of the 80 employees laid off when the factory closed have expressed a willingness to return to work for another operator.