SALEM — Compco Industries in Columbiana appears to have purchased Quaker Mfg. Corp. after signing a bank letter of intent, according to an anonymous source.

The agreement is to purchase Quaker Mfg. and any affiliates assets.

Compco’s president and others met with Quaker Mfg. employees Tuesday afternoon with the information, the source said.

Last Friday, in a letter to employees, Quaker Mfg. said it may be permanently shutting the plant down later this month, idling 115 employees.

But the company also said it was investigating alternatives for the plant at 187 Georgetown Road.

Another source, who also spoke on the condition of anonymity, said the deal appeared to be done and that Firestone Sheet Metal in Salem was also being purchased by Compco.

Calls to Compco and Quaker Mfg. on Monday were not returned and Firestone Sheet Metal said on Monday it had “no comment at this time.”

The source said the sale was in the final stages and the company wanted to ensure that current customers remained in place and that suppliers owed money will work with the new ownership.

During Tuesday’s meeting at Quaker Mfg., Compco officials said it could take a week or two but it was looking at being 98 percent approved so far.

The purchase of Firestone Sheet Metal, located at 949 S. Broadway Ave., is expected to be completed in early July, the source said.

Quaker Mfg. is a metal stamping and fabricating plant that serves several automotive, recreational vehicle and outdoor power equipment markets.

Located at 400 W. Railroad St., Compco manufactures tank heads, operates metal stamping presses, HD plasma cutting equipment, and has a machine shop.