Miller-Holzwarth assets will be auctioned off
SALEM – Assets of the Miller-Holzwarth Inc., a longtime Salem manufacturer that closed last July, will be auctioned off at the Medina County Courthouse on Thursday.
The auction begins 1:30 p.m. with the minimum bid price for the one-lot auction set at $500,000. Lisa M. Barbacci, the court-appointed receiver for property at 450 W. Pershing St., said there are five bidders who paid a $75,000 deposit to register.
Miller-Holzwarth supplied the U.S.
military and was known for producing armored combat vehicle components, including periscopes and ballistic glass for more than 35 years.
Bidders were required to submit an International Traffic in Arms Regulations (ITAR) non-disclosure and confidentiality agreement with the deposit. The auction is the result of a lawsuit filed by Norcatec LLC, one of Miller-Holzwarth’s creditors that is owed a court judgment of $1.56 million. Money from the auction will be used to cover the debt that remains.
Larry Kosiba, executive director for the Sustainable Opportunity Development Center (SOD Center) in Salem, said he “met personally with almost every bidder providing reasons to stay in Salem from economic incentives, to tax abatements, to workforce data, to EPA Phase 2 opportunities, to Salem’s vast manufacturing capabilities, and other information as requested.”
On the auction block will be the main plant, machinery, equipment, inventory, intellectual property including the trade name, trademarks, contract rights, proprietary information and other personal property used in the business.
The five bidders include Joseph Oliver, managing partner of Myron Bowling Auctioneers, Inc. in Hamilton, Ohio, and Jerome A. Luggen, President of Cincinnati Industrial Auctioneers, Inc.; Eric Seiler, president of Seiler Instrument & Mfg. Co., Inc. of St. Louis, Mo.; Danny Schoening, GM/COO Optex Systems Inc. of Richardson, Texas; Dennis Wend, president of Wend & Associates, Inc. in Sterling Heights, Mich.; and Nyk Westbrook, director of business development for BidItUp Auctions Worldwide, Inc. in Studio City, Calif.
A hearing confirming of the auction sale will be held on June 13.