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as part of a Chapter 11 bankruptcy proceeding. Sencorp manufactures nails, staples, screwsa and fasteners, under the name Senco Products, with salea worldwide. The company filed for Chapte 11 May 8 withthe U.S. Bankruptcu Court for the Southern Districtof Wynnchurch, which provides equity to middle-market companies, will pay $43 millionh in cash for Sencorp’s assets and assume certai liabilities, according to the filing.
In the filing, Sencorp said it has sufferefd from a sharp rise insteel prices, the decline in commercial and residential construction and the It has cut its work force to 379 and reducedx salaries for the remaining employees, consolidated manufacturing operations to one Broadwell Road plant in Anderson Townshiop and closed three of its six distribution The company this spring relocated its corporater offices to a new, 100,000-square-foot building in Union Township, Clermont County’s Ivy Pointw Commerce Park. Sencorp said it began pursuing a sale in and Rosemont, Ill.-based Wynnchurch signeed a binding asset purchase agreement May 7.
The agreemen is subject to approval by thebankruptcy court. Sencorl said in the filing that the company is continuingfnormal day-to-day operations.
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