Update on Vermont Castings

[webbie]

As many of you know, the parent company of Vermont Castings filed Bankruptcy a number of months ago and the company has been in limbo since- with small parts of the company being disposed of (sold or closed).

The scuttlebutt is that the bids for the Vermont Castings part of the biz are in now, and quite a few parties had interest....but we don't know at what price. The usual suspects have been mentioned - Travis Industries, Monesson...even HHT (Quad, Harman, etc.).

According to one of our readers, these bids will be looked at and the accounting firm will decide if they are high enough. If not, this part of the company will go on the Auction block....presumably with these same companies bidding against one another for it.

Oh, there are one or two consortiums which include the former owners and management bidding also.....I guess pride has no bounds!

In any case, I expect that something will happen very soon.

 

[BrotherBart]

Yeah it looks like either a "stalking horse" from the current bidding or a high bidder from an auction on the 27th could get the OK as soon as the 30th of this month if the court doesn't extend.

 

[R&D Guy]

From what I understand Monesson is the only one still being considered. HHT and TI are out due to low bids.

 

[savageactor7]

Well I'd like to see 'em survive this bullet and continue with business...the more competition the better it is for us consumers. Back in the day they had an excellent reputation for wood stoves.

 

[Stove Geek]

Would not Lennox buy out CFM?

 

[Shane]

Don't know if Lennox would be interested or not. They've picked up and killed some of the best names in the industry. Anyone remember Earthstove?

 

[Adios Pantalones]

We had a VC when I was a kid and it was the unit I cut my teeth on (and burned my arm on- top loader). My brother ended up putting it in his last house and it kept chugging. I have a soft spot for them and hope they come out of this stronger.

 

[begreen]

We saved for months and got a Resolute in 79 . It was our pride and joy. Great stove. I too hope that they can keep the line alive.

 

[webbie]

Don't know if Lennox would be interested or not. They've picked up and killed some of the best names in the industry. Anyone remember Earthstove?

They have the opportunity like everyone else - at the same time, a lot of BIG manufacturers of metal products outsource many of their parts - including car manufacturers. It is just a more efficient way of doing things....unless you can really keep the production line at they foundry humming year-round.

Remember, stoves have come a long way since 1976 - and while VC may have been ahead of the curve then as far as quality manufacturing, there has now been decades for others to catch up. I think we can see pretty clearly based on the last year that the industry will hardly hiccup with or without VC (same with every other maker)....although I tend to think we will see VC stoves rise from the ashes.

 

[BrotherBart]

If Lennox bought them it wouldn't be long before it would be Guadalajara Castings.

 

[fishbabysquirl]

My parents work for CFM in Huntington Indiana, and Monessen bought them out. They are thinking that they might shut the whole place down. Kinda sad because they have been there since 1985, and now they might have to go find work again

 

[fishbabysquirl]

Oh by the way, CFM owns VC, the plant in Huntington Indiana used to be called Majestic.

 

[crazy_dan]

Don't know if Lennox would be interested or not. They've picked up and killed some of the best names in the industry. Anyone remember Earthstove?

yep still have one and it heats the shop nicely.

 

[webbie]

My parents work for CFM in Huntington Indiana, and Monessen bought them out. They are thinking that they might shut the whole place down. Kinda sad because they have been there since 1985, and now they might have to go find work again

Sad to say, I think that is likely to be shut. Right now the market for steel stoves (century) as well as most of the sheet metal stuff they made - Majestic prefab fireplaces, etc. - are in low demand. The demand for these fireplaces is based on the construction of new housing....and we all know the deal there!

 

[BrotherBart]

Since the Monessen purchase agreement excludes Huntington that leaves a big item on the table. That is a very large fab plant up there.