Mitsubishi Plant Sale May Be In Works | WGLT

Mitsubishi Plant Sale May Be In Works

Oct 12, 2016

Credit Ralph Weisheit / WGLT

The industrial salvage company that owns the closed Mitsubishi plant in Normal has put off an auction to break up the equipment, building, and furniture.

This is the third delay for the auction originally scheduled for August. The latest date had been the 18th of October.

Maynards Industries' web site indicates the reason for the postponement is a potential sale of the entire facility as a going concern.

Economic Development leaders have said previously that a sale of everything is preferable because it preserves the possibility of greater use of the facility in the future. Mitsubishi sold the building alone to Maynard's for only two million dollars.
    
At least two potential serious buyers have not agreed to close the deal. One sale fell through because the manufacturing firm did not need the entire two-point-four-million square feet of space. The other, contract vehicle maker A-M General of Indiana, exited talks because terms of the sale could not be finalized.

Maynard's bought the plant from the auto maker after Mitsubishi laid off its twelve-hundred-person workforce and ended production last year.