CMW to close plant if no buyer found
Company has until Nov. 23
Last Updated: 70 days ago
INDIANAPOLIS - An Indianapolis business has told the state it will have to close its doors if it can't find a buyer.
In a notice filed Tuesday, CMW International said it will have to shut down its plant, located at 70 S. Gray Street in Indianapolis, if a buyer isn't found by Nov. 23. The plant employs approximately 100 workers, including 75 production staff.
On its website , CMW describes itself as a manufacturer of specialty metals and electrical contacts.
CMW said that while it is actively seeking a buyer, "We cannot assure such a transaction will occur in the near future."
"The company has been actively seeking capital, actively seeking additional business and actively seeking to reach a breakeven level of operating performance internally," CMW wrote in the notice. "Until now, those attempts had a realistic chance of success, and those efforts would have provided sufficient capital and/or business to have enabled the company to avoid or postpone a shutdown."
The company said any closure of its single plant on Gray Street is expected to be permanent.
CMW's assets are being managed by Alliance Management in the interim.
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