SOLON, Ohio (December 15, 2005) – Stopol, Inc., a leader in arranging the acquisition and sale of production equipment and machinery, businesses, divisions, product lines, and manufacturing licenses in the plastics industry, will host and web cast an auction February 8, 2006, to sell plastics manufacturing equipment from discontinuing operations at Cornerstone Products, Inc.’s Durant, Okla., plant.
Stopol will conduct a live auction beginning at 10:05 a.m. (CST) February 8 at Cornerstone’s 550,000-sq.-ft. Durant facility and web cast the event on www.stopolauctions.com so that bidders from all over the world can participate in the event by using their PCs. Stopol will hold a preview February 7 at the plant. A limited selection of Cornerstone equipment will be available for sale before the live auction through www.stopolauctions.com’s 24/7 Reserve auction portal.
The Cornerstone auction will feature nearly 40 late-model Husky, Cincinnati Milacron, HPM and Engel injection molding machines, ranging in size from 300 tons to 3,000 tons. The event also will feature an array of toolroom equipment and accessories, including hoppers, conveyors and more than 200 molds. For a comprehensive listing of all available items, directions to the auction or more information on auction rules and terms of sale, please visit the auction index on www.stopol.com.
Privately held, Cornerstone Products is a molded product manufacturer that employs nearly 200 at its Durant facility. The plant produced a variety of custom-molded housewares, including trash cans and storage containers. A shrinking market of retailers and rising raw material prices -- particularly plastic resin, which is a petroleum-based by-product and the primary ingredient in producing molded plastic products – forced Cornerstone to discontinue operations.
The Durant Economic Development Corp. says Cornerstone will be missed for what it has meant to the area, but several new companies setting up shop in the Durant area – Lowe’s Home Improvement, Chili’s, Earth Bio-Diesel and the Choctaw Casino – will mitigate the impact of the plant’s closure.
“Cornerstone has been a great corporate citizen,” said Tommy Kramer, Durant Economic Development Director. “We’ve been so lucky to have them here. They’ve employed hundreds of workers and have made substantial investments in the community. They will be missed.”
About Stopol, Inc.
Headquartered in Solon, Ohio, Stopol is a privately held corporation specializing in arranging the acquisition and sale of production equipment and machinery, businesses, divisions, product lines, and manufacturing licenses in the plastics industry. With unparalleled insight into the business market and the value of potential acquisitions, Stopol takes efficient, tactical approaches to connecting buyers and sellers in the plastics industry. In direct contact with more than 27,000 manufacturers, Stopol serves as a strategic partner for merger and acquisition opportunities, helping companies find cost-effective solutions while maximizing their resources.
Contact: Neil Kruschke Jr.
Stopol CEO
Phone: 440.498.4000
Fax: 440.498.4001
www.stopol.com
E-mail: neilk@stopol.com
Contact: Bryan Kokish
Marketing Director, Stopol Inc.
Phone: 440.498.4000
Fax: 440.498.4001
www.stopol.com
E-mail: bryank@stopol.com