Rollex offers $13.25 million for Ormet's Jackson, Tenn., plant

By Jeff Pines

Washington, Aug. 13 - Rollex Corp. won the auction for Ormet Corp.'s Jackson, Tenn., plant with a $13.25 million bid, Ormet said.

Ormet, based in Wheeling, W.Va., expects the U.S. Bankruptcy Court for the Southern District of Ohio to approve the sale Friday.

The City of Jackson, Tenn., bid $775,000 for a portion of the land next to the plant.

Rollex will also assume certain employee liabilities such as severance, healthcare and workers compensation, Ormet said.

The Jackson operation manufactures coated aluminum sheet and foil products for architectural, recreational and appliance products as well as the electronics and packaging industries. The plant employs 175 people.

Ormet filed for bankruptcy on Jan. 30. Its Chapter 11 case number is 04-51255.

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