Troy-based Oxford says it is in negotiations relating to the sale of plants located in Corydon and Greencastle, IN; Lapeer and Prudenville, MI; and Canton, MS. Oxford says it anticipates selling these plants through a court supervised "363" sale process to ensure Oxford receives the highest and best offer for the plants. Oxford provides stamped components and assemblies to the automotive industry.
Oxford also says it has closed on the sale of its McCalla, AL facility to Madrid, Spain-based Gestamp Corporation. The purchase price was not disclosed.
This is Gestamp's first operation in the US and the company will establish an executive office in Troy to support its North American activities. The 382,000-sf plant, which opened earlier this year, will supply complete underbody assemblies for the next-generation Mercedes M-class SUV, due this month, and the Grand Sports Tourer scheduled for mid-2005.
Oxford chief executive officer David Treadwell says the company's secured creditors are in approval of Oxford's plans.
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