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Archive for the 'Winding down' Category

Scarborough investors dissolve business

December
19

Churchill Ventures Ltd. of Scarborough said its shareholders voted today to dissolve the company after it was unable to consummate a business deal for which it was created. Formed in June 2006, Churchill Ventures raised $107.5 million to buy an operating business in the communications, media or technology industries within an 18- to 24-month period.

Posted by Jerry Gleeson on Friday, December 19th, 2008 at 3:49 pm |
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Insl-X’s new owner to close Stony Point plant

August
27

The Insl-X Products Corp. paint plant in Stony Point will close by Dec. 30, eliminating 60-65 jobs in Rockland County, a spokeswoman for the company’s new owner said.
Benjamin Moore & Co. announced in March that it had acquired Insl-X from owner James A. Weil of Scarsdale. Moore spokeswoman Eileen McComb said about two dozen office jobs in Stony Point, the Insl-X headquarters, would be moved to Moore’s headquarters in Montvale, N.J.
Terms of Moore’s acquisition of Insl-X were not disclosed. Moore is owned by Berkshire Hathaway Co.
Insl-X has been in Stony Point for 18 years. It was founded in 1948 by Weil’s father. Insl-x makes and sells its own brand of finishes; a number of acquisitions allowed it to expand from specialty and industrial products to architectural coatings.
In February the company paid off a $5.5 million bond that had been issued through the Rockland County Industrial Development Agency for the acquisition of 15 acres and the plant.
McComb said Moore bought the company because it would complement Moore’s holdings.
“I think we understood that some of the production was redundant,” she said. Moore has six paint plants, including one near Albany and another in New Jersey.
McComb said Moore will continue to operate Insl-X plants in Edgewater, Fla., San Antonio and Fort Worth, Texas, and Elk Grove, Ill.
Ronald Hicks, chief executive officer of Rockland Economic Development Corp., said the business group has offered to help Moore market the 150,000-square-foot property for sale or lease.

Posted by Jerry Gleeson on Wednesday, August 27th, 2008 at 3:35 pm |
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Falcon Hyundai files for bankruptcy

May
23

A Hyundai dealership and service center in Bedford Hills is closed and has filed for federal bankruptcy protection, blaming the economy for a downturn in sales and leasing that began affecting it in 2007.
Falcon Motors Inc., doing business as Falcon Hyundai at 774 N. Bedford Road, filed late Thursday for Chapter 11 protection at bankruptcy court in White Plains. The company said in court papers that it is seeking a buyer and is trying to refinance obligations owed to its biggest creditor, Hyundai Motor Finance Co.
Hyundai Motor Finance is owed $729,000, according to the filing. Falcon’s secretary-treasurer, Ariel Tehrani, said in the filing that Hyundai Motor obtained a federal order of seizure on April 14 for nearly all of the company’s inventory. It later repossessed the vehicles and planned a private sale that was scheduled for as early as today.
Falcon reported total assets of $2.25 million, and total liabilities of $1.01 million. No hearing has been scheduled yet in the case, said Falcon’s attorney, Jonathan S. Pasternak in Harrison.
The company was formed in 2006.

Posted by Jerry Gleeson on Friday, May 23rd, 2008 at 1:13 pm |
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Stewart Stamping building for sale in Yonkers

May
22

The former Stewart Stamping building at 630 Central Park Ave. in Yonkers is for sale.
At 201,000 square feet, it is the largest industrial building on the market in Westchester County, according to the broker, CB Richard Ellis in Stamford, Conn. No asking price is being set.
Stewart EFI of Thomaston, Conn. said this month it was closing the precision metal manufacturing operation in Yonkers by the end of the year. The two-story red brick building was an industrial manufacturing landmark in the city for more than 50 years. Stewart said 145 people are employed there.
Its location should help draw bidders for the property, said Budd Wiesenberg, the CBRE vice president who’s leading the sales effort.
The property is between Yonkers Raceway and the Cross County Shopping Center, just a mile north of the New York City/Westchester County line. The factory can be accessed off Exit 3 of the New York State Thruway. The brokerage estimates that 135,000 vehicles pass it every day.
Wiesenberg noted that the new Empire City casino at the Raceway, and the renovations at Cross County Shopping Center, were driving traffic to the area.
“The location is very interesting,” he said. “We’re very bullish on it.”
The 3.5-acre lot is zoned industrial. The factory was built in stages between 1930 and 1983. It features about 15,000 square feet of finished office space and 186,000 square feet of manufacturing space on two floors, with 18-foot ceilings throughout.

Posted by Jerry Gleeson on Thursday, May 22nd, 2008 at 3:13 pm |
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Haights Cross narrows quarterly loss

May
14

Haights Cross Communications Inc., a White Plains-based educational and library publisher, today reported a net loss of $9.8 million during the first quarter, less than the net loss of $12.4 million a year earlier.

Revenue of $51.8 million fell 2.1 percent from a year earlier, reflecting declines in the company’s K-12 supplemental education and medical education segments that were partially offset by revenue growth in test-prep and intervention and library segments, the company said.

In January, Haights Cross said it planned to sell its business, and a wind down of its operations began in March. That process is still ongoing, the company said.

Posted by David Schepp on Wednesday, May 14th, 2008 at 4:52 pm |
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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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