Mitsubishi Task Force Still Tending Prospects | WGLT

Mitsubishi Task Force Still Tending Prospects

Sep 22, 2015

The head of the effort to rescue use of the Mitsubishi Plant says there have been some nibbles on a buyer. Kyle Ham heads both the Economic Development Council for Bloomington Normal and the Mitsubishi Task Force.

"I am personally aware of automakers that are looking at the facility and have begun to do the due diligence process."

Ham says the plant has not been on the market that long and possible buyers have a lot of work to do.

"All of a sudden this property is part of your equation and so the amount of due diligence that has to go into understanding the building, the equipment that's there, how does that fit with their logistical scheme and supply chain; I mean that's going to take a long time to bring that together."  

And even if there is what turns out to be an eager buyer, Ham cautions against expecting definitive news soon.

"You know even if somebody committed tomorrow to buy the facility, we're talking about a minimum of nine months to get it operational to start making cars again. So this is a long view.

He says the facility in Normal would cost between one and one point five billion dollars to build new.

Ham says stories last week from Reuters and Nikkei News Service alleging that Mitsubishi has failed to find a buyer are misleading, because it's too early to expect any decision from a prospect.