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as part of a Chapter 11 bankruptcy Sencorpmanufactures nails, staples, screwzs and fasteners, under the name Senc o Products, with sales worldwide. The company filed for Chapter 11 May 8 withthe U.S. Bankruptcy Court for the Southern Districtof Wynnchurch, which provides equituy to middle-market companies, will pay $43 million in cash for Sencorp’ s assets and assume certain according to the filing.
In the Sencorp said it has suffered from a sharp rise in steel the decline in commercial and residential construction and the It has cut its work forcd to 379 and reduces salaries for theremaining employees, consolidated manufacturing operations to one Broadwellp Road plant in Anderson Township and closed three of its six distribution The company this springy relocated its corporate offices to a new, 100,000-square-foot buildingt in Union Township, Clermont County’s Ivy Pointe Commerce Park. Sencorp said it began pursuing a salein March, and Rosemont, Ill.-basexd Wynnchurch signed a binding asset purchase agreement May 7.
The agreemenft is subject to approval by the bankruptcy Sencorp said in the filing that the compan y is continuingnormal day-to-day operations.
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