Thursday, August 28th, 2014
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Saturday, 28 June 2014 08:25

Wisconsin company buys Ormet plant for $25 million

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Niagara Worldwide may breathe new life into Monroe County facility

CINCINNATI, Ohio -- A Wisconsin-based company may breathe new life into a defunct aluminum smelter in Monroe County.

Ormet Corporation officials announced on Friday that Niagara Worldwide, LLC purchased the company's Hannibal plant and all associated assets with a winning bid of $25.25 million on Thursday. The auction, which took place at a Cincinnati law firm, was closed to the public and media.

While many details of the sale have yet to be released, Niagara Worldwide President Eric Spirtas said in a press release Friday, "We will be interested in any possible uses and will work to do the right thing as we try to engage in actions that will create jobs and services that support the community and local industry."

Niagara Worldwide acquires, manages, markets and sells for final disposition idle industrial property and assets both domestically and internationally. Spirtas added that his representatives will be meeting with local and state officials to determine the best course of action in the coming weeks.

Ormet filed for bankruptcy in early 2013. Officials announced in October the company would close the plant and lay off more than 1,000 workers after state utility regulators rejected portions of its proposed deal for reducing electricity costs.

Z. Daniel Barnett

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