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Court OKs sale of Glass Group
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A bankruptcy court has cleared the way for the sale of the Glass Group Inc. to a German packaging firm.
The $21.7-million deal with the Gerresheimer Group includes GGI's joint operation in China. The company is in negotiations to sell plants in Mays Landing, Williamstown and suburban St. Louis to Stolze-Oberglass AG of Austria, said Leonard Nave, vice chairman.
Gerresheimer's acquisition will save at least 250 of the 400 union jobs at the plant, said Les Orange, president of Local 219 of the Glass, Pottery, Plastics and Allied Workers Union. Employees who are laid off will get first crack at jobs at Gerresheimer's Kimble and Kontes plants in Vineland.
Orange said Gerresheimer didn't seek concessions from the union, which previously approved three give-backs in order to keep the plant open. Talks with the union and the buyer resume Monday. "We hope to come out of this with a complete contract and a benefits package that's better than what we had," he said.
A ruling Tuesday by a bankruptcy judge in Wilmington, Del., extends a $38 million line of credit to GGI by CapitalSource Finance LLC. In court papers, CapitalSource said it will provide GGI with money for operations until the Gerresheimer deal closes on Sept. 30.
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September 23rd, 2005
Source: Courierpostonline.com |
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