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In a development for the Crucible steel plant in Geddes, New York, a bankruptcy court judge has approved the sale of the plant's main business to French steelmaker Erasteel for over $17 million. The decision, made by U.S. Bankruptcy Court Judge Wendy Kinsella, involves the sale of Crucible's primary assets and intellectual property to Erasteel. After adjustments, the deal is expected to be valued at $11 to $12 million.
Crucible Industries, which filed for Chapter 11 bankruptcy protection in December 2024, has been a staple in the Geddes community for over a century. The plant employs more than 150 people and has faced financial difficulties, leading to its current situation. According to Syracuse.com, a second bidder, Lauter Metal Technologies, has shown interest in purchasing Crucible's real estate and may retain some of the current employees.
The plant's financial troubles include millions of dollars in debt owed to various creditors, including Key Bank, New York State, and Onondaga County. Despite these challenges, there is hope that the sale to Erasteel will help preserve jobs and stabilize the local economy. Lauter Metal Technologies' bid will be considered by the bankruptcy judge on Thursday (February 27).
The community has expressed mixed emotions about the plant's uncertain future. Former employees and local residents have shared their concerns about the potential loss of jobs and its impact on the local economy. Manny Falcone, the former Geddes Town Supervisor, highlighted the importance of the plant to the community, stating to WSYR-TV, "People work here local, they live local, they pay taxes, they do business here."
The sale to Erasteel marks a new chapter for Crucible, a company with a rich history dating back to the 1800s. As the situation unfolds, the community and stakeholders await the judge's decision on the potential sale of Crucible's real estate to Lauter Metal Technologies.