Aluminum Extrusions Inc., an aluminum extruder in Senatobia, Miss., has retained Equity Partners HG to seek a buyer for the business. The company offers end-to-end service, including extrusion, fabrication, painting, packaging, and shipping.
The 115,000-sq.-ft. facility once employed more than 200 people. In August 2015, a fire in the paint building destroyed the paint line; because most customers required painted aluminum, they moved their business elsewhere. As a result of this loss in sales, the company filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in July 2017 and now operates as a debtor in possession.
John King, president of AEI, commented, “The fire created a significant cash constraint for the company. Once we complete a sale and emerge from bankruptcy, I believe our quality and service will bring back those customers that went elsewhere. I’m already getting calls from groups asking about the timing of this process.”
A sale of assets will take place in the next 45 days. The company, which has a workforce in place, can extrude 6-in. billet, which allows for small, intricate extrusions. It extrudes the standard 6063 and 6005 alloy series. Sawing capabilities are 6 to 25 ft., which holds aluminum standard cutting tolerances. The firm also can hold specified cutting tolerances to +/- 1/16 in.
The Ransburg Gema vertical paint line that was rebuilt after the fire in 2015 uses polyester baked enamel that exceeds AAMA 2603 specifications and can process 90,000 lbs. of painted aluminum per day in lengths up to 20 ft.