Kyklos in Sale-Leaseback of Sandusky Bearing Plant

Resource from: CBCC Likes:2955

Oct 06,2008

Kyklos Bearing International (KBI; USA; a division of Haephaestus Holdings) has sold off its 125 acre property and bearing plant in Sandusky, Ohio, for $25.5 million. KBI is leasing back the entire facility on undisclosed terms. KBI is the former Delphi Sandusky wheel bearing hub assembly plant, which KBI acquired in April 2008 for at least $17.8 million. Delphi had been trying to sell off the bearing manufacturing operations for several years, and finally was able to do so in bankruptcy, following a bidding war overseen by the bankruptcy court. Other than wheel bearing hub units, Delphi Sandusky also manufactured roller clutch bearings and several other precision reciprocating parts. KBI inherited all of those contracts as well. In all, the Sandusky property covers 125 acres, with 1 million square feet under roof in manufacturing and warehouse space. The office space totals 325,000 square feet. Buyers are Avgeris and Associates, a real estate developer based in Lombard, Illinois. Marcus and Millichap Real Estate Investment Services arranged the sale. eBearing spoke to several KBI employees, all of whom said they are completely in the dark about the transaction or what the move might mean. But all said they are increasingly concerned about KBI's future as its customer base of North American GM auto plants continues to decline.

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