Columbus Castings: bankruptcy and backers
The fate of the largest steel foundry in the country, Columbus Castings, is teetering between collapse and prosperity.
Its parent company, Constellation Enterprises, declared bankruptcy Monday in order to restructure its debt, citing “significant operational issues in Columbus.”
Three weeks ago, Columbus Castings said it needs equipment upgrades to stay competitive.
Some employees were laid off in the wake of the bankruptcy, but a mystery buyer has expressed interest in buying the company. The sale would give Columbus Castings the infusion of capital it needs to stay afloat.
If the unnamed buyer decides to go through with the sale, the employees who were laid off could be hired back on.
Check back for updates on the fate of this Central Ohio manufacturing institution!
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4/25/16: Potential investor could save Columbus Castings
Central Ohio-based steel foundry Columbus Castings is the largest in the country, and last week it looked like it was about to close.
But today it was announced that an investor could potentially save the business, though the company was tight-lipped on details.
If the deal doesn’t go through, 800 workers could lose good-paying jobs by July, which could spell bad news for the South Side. After all, Columbus Castings added 550 jobs to its payroll in 2014, helping to revitalize the area two years ago.
According to an email sent to media outlets, the foundry needs to sell in order to upgrade its equipment and stay competitive.
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4/21/16: Has Atlas Shrugged? Columbus Castings steel foundry could close
A longtime employer on the South Side, Columbus Castings is the largest steel foundry in the country, and if the business doesn’t find a buyer soon, 750 workers could lose their jobs.
The company says they’re in talks with a potential buyer, but they also warned their employees that layoffs might be on the way.
A year and a half ago, the company added 550 jobs to its roster–to go from that level of growth to a potential closure marks an abrupt turnaround.
But, the company is still taking orders and running three shifts.
Once known as Buckeye Steel, the business has been in its current location on Parsons Avenue since 1902, and was run by Samuel Prescott Bush, the grandfather of President George H.W. Bush and great-grandfather of President George W. Bush between 1908 and 1928.
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