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Mobile Pulley Auction Held

Steel Processors, Inc. was the high bidder on all assets of Mobile Pulley & Machine Works at a court-approved auction on January 13.

The auction was held at Mobile Pulley’s offices in Mobile, Alabama.

Steel Processors’ bid was $2.4 million for all 11 bid lots in the sale. Other companies bidding on Mobile Pulley’s assets were Baltimore Dredges LLC, GIW Industries, IPC Industries, Machinery Acquisitions International, Inc., Metso Minerals, PNC Financial Corp., Royal Street Junk Company, and TIMRO.

Steel Processors was the only company to bid on the total assets of Mobile Pulley. Other bidders were seeking only specific portions of the assets.

The sale is subject to the approval of the bankruptcy court, in a hearing scheduled for Thursday, January 16.

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