Production Stamping to shut down
The Business Journal of Milwaukee - by Rich Rovito
Production Stamping Corp. has voluntarily entered into receivership and plans to close its factory in Milwaukee's Riverwest neighborhood, resulting in the layoff of about 50 employees.
The minority-owned metal stamping company "is facing unforeseen business circumstances that have occurred while it has actively been seeking capital that it reasonably believed would be available to keep the business operational," according to a plant closing notice filed Wednesday with the state Department of Workforce Development.
Receivership is a state court proceeding, similar to bankruptcy, in which the assets of a company may be sold to pay off creditors. Michael Polsky has been appointed receiver.
Founded in 1949, Production Stamping has its main plant at 301 E. Vienna St. The 116,000-square-foot building was constructed in 1999. The company also has a plant in Grand Rapids, Mich.
Angela and Virgis Colbert are majority owners of the company. Angela Colbert formerly worked as an attorney at Quarles & Brady. Virgis Colbert is retired from Milwaukee-based Miller Brewing Co., where he served as executive vice president of worldwide operations immediately prior to his retirement. He spent more than 25 years with Miller.
The Colberts bought a controlling interest in the company in 2004 from Facilitator Capital Fund, a Madison private equity fund. Terms of the transaction were not disclosed at the time.
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