Huronia Precision Plastics assets auctioned off
Machinery and equipment from the Midland, Ont. plant for Huronia Precision Plastics Inc. were auctioned off last we...
Machinery and equipment from the Midland, Ont. plant for Huronia Precision Plastics Inc. were auctioned off last week, after the automotive injection molder went into receivership in September. At the time, operations at the plant were ceased and approximately 80 jobs were lost.
Huronia’s problems were blamed on the sluggish automotive market, and the plant’s general manager John Mooradian noted that the receiver Zeifman Partners Inc. would explore whether the business could continue or not.
“Everybody in the automotive market today, depending on the mix of their product, has lost an average of 30 to 35 per cent of their business because of the downturn in the market,” said Mooradian in September, when the company was petitioned into receivership by a lender.
Any hopes of the company reemerging from the shadows of insolvency were put to rest last Wednesday, when a public auction was held at the company’s Midland plant to sell off the company’s assets. The auction included a large selection of late model Engel brand injection molding machines.
As well, plant equipment such as recently purchased robots and assorted auxiliary equipment was sold off at the auction, held by Infinity Asset Solutions.
Huronia Precision Plastics was started out 20 years ago as a two-man operation in a garage, and was sold to a Toronto investment group four years ago by co-founder Ralph Befort.