Ledco assets being sold at auction

The assets of molds and metal parts supplier Ledco Ltd. (Kitchener, Ont.) are being auctioned at the plant at 9.00 on April 9. The company entered bankruptcy on January 24, after an effort to reduce wages by 25 per cent was blocked by the Canadian Auto Workers union. The company, which was running out of cash, had warned its staff of impending cuts before Christmas.
At one point, some workers organised a vote on the wage reduction, but the CAW local warned this was not a legal vote. Of 29 people that voted, 23 were in favor of the company's terms, but the remainder of the 70 unionized staff did not participate.

Ledco’s customers included Chrysler, Ford and GM. The company had operated in Kitchener from 1921, and had made parts for the Avro Arrow jet aircraft in the 1950s before the fighter program was cancelled.
The auction is being handled by Corporate Assets Inc. of Toronto. Equipment being sold includes threes FPT Pragma five-axis horizontal milling machines, a Matsuura MC1000 CNC machining center and two Matsuura RA4G CNC twin-pallet vertical machining centers.

www.corpassets.com