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Huffy Announces Sale of Facilities, Excess Assets

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DAYTON, OH/USA (18 July 2000) — US bike maker Huffy announced late last week that it will sell its Miamisburg, Ohio, and Farmington, Missouri, facilities and is looking terminate its long-term lease agreement for its Southaven, Mississippi, facility. The company will consolidate its operations in Springboro, Ohio. The closing of the factories and the termination […]

DAYTON, OH/USA (18 July 2000) — US bike maker Huffy announced late last week that it will sell its Miamisburg, Ohio, and Farmington, Missouri, facilities and is looking terminate its long-term lease agreement for its Southaven, Mississippi, facility. The company will consolidate its operations in Springboro, Ohio.
The closing of the factories and the termination of the lease are expected to be completed by the third quarter of this year. “The sale of these two facilities and the lease termination, plus the sale of surplus bike manufacturing equipment completed in the second quarter, will generate net proceeds of close to US$10 million, which will be used to retire debt and capitalized lease obligations,” Don Graber, President and CEO said. “The termination of the Southaven lease and the disposition of these surplus facilities should reduce future operating costs and interest expense by US$2.5 million per year.” (JW)

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