Casso-Solar Corp. “Closes;” Reinvents Itself
After nearly 50 years in business, the glass
machinery supplier Casso-Solar Corp. in Pomona, N.Y., has closed—and Casso-Solar
Technologies has opened.
According to a letter sent to unsecured creditors from Casso-Solar Corp.’s
attorney, Barton Nachamie with the firm Todtman, Nachamie, Spizz &
Johns, P.C., “In fiscal 2008 the company lost in excess of $447,000 in
operations. Although the final figures for 2009 have not been compiled
the loss is expected to be significant. The company has exhausted all
reasonable avenues in seeking capital; it has been unable to obtain new
investment from third parties and the owners have limited personal resources
at this time.”
USGlass spoke to Nachamie and inquired as to why Casso-Solar chose not
to file bankruptcy.
“There was no reason [to file bankruptcy],” Nachamie said. “Unfortunately
for creditors, the bank had a first lien on the assets and they have seized
those assets … Casso-Solar is closed and its assets are being sold.”
Those assets were purchased by the company restructured as Casso-Solar
Technologies LLC. According to a news release issued by the new company,
Douglas Canfield, president of Casso-Solar Technologies LLC, has structured
the company with strategic partners for engineering and manufacturing.
The engineering and fabrication have been moved from Pomona, N.Y., to
facilities in New Jersey, Pennsylvania, Ohio and Minnesota.
The release notes that Casso-Solar Corp. was affected by the decline in
the economy resulting in major reductions in the purchase of custom capital
equipment, as well as significant unpaid accounts receivable. This combination
ultimately led the company to turn its assets to the secured lender as
partial payment of the outstanding debt. No funds were left to pay unsecured
creditors. Casso-Solar Technologies says that it will provide the products
and services to the former customers of Casso-Solar Corp.
Alcoa Completes Traco Acquisition
Alcoa has completed the acquisition of Traco; the commercial door and
window manufacturer is now part of Alcoa’s global Building and Construction
Systems business. Terms were not disclosed.
“We are excited about the growth potential that Traco brings to Alcoa,”
says Glen Morrison, president of Alcoa Building and Construction Systems.
“Together we will offer our expanded customer base a comprehensive product
portfolio to help them meet increasingly complex commercial construction
TRACO, founded in 1943 as the Three Rivers Aluminum Co., employs 650 people
at its 1 million-square-foot headquarters and manufacturing operation
in Cranberry Township, Pa.
National Enclosure Co. and MERO Structures
Announce a Strategic Alliance
National Enclosure Co. LLC (NEC) in Pontiac, Mich., has formed a strategic
business alliance with MERO Structures Inc., the new U.S. division of
German-based MERO-TSK, a company with international experience in the
design, engineering and development of advanced facades and structures.
Together, NEC and MERO Structures will pursue opportunities to provide
technologically-advanced structures and facade systems in the United States
to commercial developments.
The first official joint effort for this new strategic business alliance
will be the Cleveland Museum of Art’s Phase II renovation and expansion,
a contract valued at $ 7 million. NEC was involved with Phase I renovations
reporting to Panzica/Gilbane, the construction manager for this project,
and MERO-TSK was a supplier to NEC. Moving into Phase II initiatives,
the partners of the new strategic alliance are working as one team to
execute the museum’s renovation.
GANA Moves into New Headquarters
The Glass Association of North America (GANA) moved its headquarters in
early July to the 15th floor of an office building in downtown Topeka,
overlooking the Kansas State Capitol building. The new address is 800
SW Jackson Street, Suite 1500 Topeka, KS 66612. According to the announcement,
the move by GANA’s management company, Centric Management and Consulting
(formerly Association Services Corp.), will save the association money
in the long run, while offering more in-house benefits to GANA as well.
“The new office will allow us to expand the types of services we offer
to GANA and other clients,” says GANA executive vice president Bill Yanek.
“We can now host events in-house, we are in the process of building a
video studio for podcasts and educational presentations and many more
features are being developed.”
In addition to the picturesque views from the office, glazing donated
by GANA members also is featured in the new headquarters.
Hartung Glass Industries (HGI) has announced that its Seattle and Sacramento
locations are now Guardian Select Fabricators offering SunGuard advanced
architectural glass products … Dow Corning Corp. announced the launch
of its new construction industry webpage at www.dowcorning.com/imagine
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