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Published: Saturday, 7/16/2011

Ex-Ford Stamping plant sale to investors done

BLADE STAFF AND NEWS SERVICES
920 Illinois Ave. LLC obtained a $4 million loanfrom Huntington Bank to complete the two-year-old purchase of the former Ford plant. 920 Illinois Ave. LLC obtained a $4 million loanfrom Huntington Bank to complete the two-year-old purchase of the former Ford plant.
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A pair of unidentified investors, known as 920 Illinois Ave. LLC, completed refinancing Friday for the former Ford stamping plant in Maumee, which they bought from Ford Motor Co. in 2009.

Bill Wersell, director of the Small Business Development Center in Toledo, said the firm got a $4 million loan from Huntington Bank to complete the two-year-old purchase of the former Ford plant. The investors previously had been making payments directly to Ford.

The small business center provided consulting for 920 Illinois Ave., said Mr. Wersell, who declined to name the investors. About 45 workers do metal stamping for 920 Illinois Ave. at the 800,000-square-foot plant, although Mr. Wersell said the investors believe the new financing may help secure new contracts and create jobs.



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