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TCG
International (TCG) is expected to re-open the doors of Coolidge Glass
later this month, which had closed its' doors in mid December after a
failed attempt to be acquired by TCG. (See
Glasslinks Story December 13, 1999). Terms of obtaining the
facilities from the banks were not readily available. The opening of
eight of Coolidge's former distributions centers include Livonia,
Grand Rapids, Lansing, and Saginaw, Michigan. The others are St. Louis
MO, Fargo ND, Peoria IL, and Minneapolis, Minnesota.
TCG will
operate the warehouses under the name Auto Stock, it's ARG distribution
arm, and of which there are eight other warehouses located in the
United States. Although Coolidge engaged in flat glass and metal
lines, as well as the manufacturing of insulated and tempered glass,
it is believed that AutoStock will concentrate mainly on the auto glass
side of the business.
Shortly
after the December Acquisition attempt fell apart, TCG senior vice
president of financial planning and investments, Steve Schober, was
quoted as saying " whenever those assets are disposed of, we may
be interested in them the same as any other party.”
According
to Wells Fargo Bank documents obtained by Glasslinks, TCG was tentatively
approved for a 'mid-seven to 'low-eight' dollar amount for the assets
of Coolidge's Distribution business when it attempted to acquire the
assets in December 1999. The fact that the sale was close to closing,
and that TCG had plans in place, most likely made for a quick deal
with the bank(s) after Coolidge ceased operating when the deal fell
through.
Former
Coolidge employees have been contacted regarding returning to work
with the new company, and the process of 'start up' has begun with
sign changes on the buildings and delivery vehicles. Wells Fargo Bank
has also retained the services of ex-Coolidge Credit employee(s) on a
short term basis to
help evaluate and collect outstanding recievables.
Also see Glasslinks related
story: Arch Aluminum Acquires
Manufacturing Assets of Coolidge
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