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Sale of Ormet Approved
Posted on: 06/06/2013
By  Andy Rex
The sale of a Monroe County aluminum plant has been approved.
 
A federal bankruptcy court signed off on the sale of Ormet to Smelter Acquisition for $90 million.  Smelter is owned by Minnesota-based Wayzata Investment Partners.
 
Ormet CEO Mike Tanchuk says there should be no impact on day-to-day operations.  He says that Ormet still must gain approval of suitable relief to the current power arrangement, which must be approved by the Public Utilities Commission of Ohio.
 
Tanchuk says the company will be submitting a proposal to the PUCO shortly.
 
The company is hoping to emerge from bankruptcy protection, which it filed for in February.

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