Steel Processors Acquires Mobile Pulley
Metso Minerals in turn purchased the small pump product lines and the Florida cutter line from Steel Processors.
Steel Processors was the high bidder at a court-approved auction on January 13, held in the Mobile Pulley offices. The sale was approved at the bankruptcy court hearing on January 16.
Steel Processors acquired all the assets of the company, including physical plant, real estate, intellectual property, inventory, machinery and product lines, for $2.4 million.
“It’s a nice facility,” said Prine. “It needs a little repair, but we’re operating the machine shop now, and will be fully running soon,” he said.
“Bud Hanrath and several other people from the company are with us now, and we will talk to more (of the previous employees),” he said. There are 110 employees at both plants, Steel Processors and Mobile Pulley, and Prine hopes to have a total of 150.
Metso Minerals purchased all the small pump product lines, including the Marathon, AMSCO and Titan lines. The Marathon and AMSCO pumps are used in the sand and gravel industry, and the Titan in the phosphate industry. They also bought the Mobile Pulley castings for the Tru-Flo pump line, which are copies of the Thomas pumps.
Steel Processors will retain all other product lines, specifically the large, special-design dredge pumps and cutters Mobile Pulley manufactures for dredging contractors.
“We plan to do some development work on the Marathon pumps and cutter line,” said Don Olive, pump product manager at Metso Minerals, who owns the Thomas line of pumps.
George Sheehy, former president of Thomas Foundry, has retired, but does consulting work with Metso, and travels in the Southeast for the company. He was a leader in designing the Thomas Simplicity dredge pump, and worked extensively with AMSCO prior to coming to Thomas. Olive sees this experience as an asset in marketing the new lines.
“There are a lot of AMSCO pumps out there,” he said.
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, TIMRO, Weeks Marine, Great Lakes Dredge & Dock Company and Norfolk Dredging Company.
Steel Processors was the only company to bid on the total assets of the company. Other bidders were seeking specific bid items.