Tools

Utica Converters listed for sale

By By JOLEEN FERRIS

UTICA, N.Y. (WKTV) - A California-based commercial real estate company is boasting a more than 100-year-old Utica company as one of its exclusive sale listings. LMT Investment Company's website lists Utica Converters as up for grabs....with a $5.25 million dollar price tag.

The listing agent today confirmed that the offering is current, and that the building, land and lease are included, with the owner's private contents not expected to be part of the sale.

Hyosung bought Utica Converters in late 2006. The company was once a wholly-owned subsidiary of Goodyear Dunlop Tires North America.

The company makes tire cord. According to Empire State Development, 225 worked there in 1998. They say that, according to figures reported to the Mohawk Valley Edge this past January, that number has dwindled to roughly 109 people.

The question now becomes: will those people have jobs if the company changes hands, or--will the equipment inside the building go somewhere else and will an empty building be closed down after any sale?

Utica Mayor David Roefaro says he doesn't know if the business or building are for sale. City Urban and Economic Development Commissioner Bob Sullivan says he's called the company to find out whether or not the business is for sale, but that company officials have not called him back. Oneida County Executive Anthony Picente, Jr.'s office--also unaware of the company's sale status.

Multiple calls to company official John Gorman over the past week were not returned.

Most Popular

Most Popular

What's On