OOLITIC, Ind. (AP) — A southern Indiana company known for supplying limestone to the Empire State Building and the Pentagon is cutting stone under new ownership after going through bankruptcy.
Indiana Limestone Co. technically closed and laid off all its workers earlier this month to fulfill a bankruptcy plan. Then, a few days later the company reopened with the new owners and rehired employees.
The Oolitic-based company has undergone business changes but is continuing operations, company President Duffe Elkins told The Herald Times (http://bit.ly/RE6mFa ).
"We are still quarrying at our Oolitic and Bloomington sites," he said. "And we are fabricating in Bloomington."
A subsidiary of suburban Chicago private equity firm Wynnchurch Capital bought the limestone company's assets for $26 million this spring.
Indiana Limestone said it had debts of more than $50 million when it filed for bankruptcy protection in February and notified state officials it would lay off 166 workers from its operations in Bloomington and nearby Oolitic. The company was founded in the 1920s and also supplied limestone for the National Cathedral in Washington and 35 state capitol buildings.
Todd Schnatzmeyer, executive director of the industry group Indiana Limestone Institute of America, said the new ownership should help the company.
"They are showing an upturn in their bookings and cash flow, and where they can focus now is reinvesting in the company as opposed to servicing debt," Schnatzmeyer said. "Where they're focusing a lot of their energy is trying to get back up to speed on their quarry efforts and ramp up production there."
Information from: The Herald Times, http://www.heraldtimesonline.com