Powermate files for bankruptcy

Industrial Distribution staff -- Industrial Distribution, 3/21/2008 7:08:00 AM

Power equipment manufacturer Powermate Corp. filed for Chapter 11 bankruptcy protection, announcing its plan to shutter a Kearney, Neb., plant, Forbes magazine reported.

The closure, made necessary by the up to $100 million Powermate owes to creditors and suppliers, will eliminate roughly 200 jobs.

The Aurora, Ill.-based generator, air compressor and pressure washer manufacturer also has a plant in Springfield, Minn. It was unclear if other facilities will be affected by then bankruptcy; no one answered the phone at the Aurora headquarters and Powermate has not issued a statement, the magazine reported.

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This is very tough for the industry....
Stan Brooks - 03/21/08

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