Auburn Armature, an electrical distributor in upstate New York, has notified the New York Department of Labor and has filed for reorganization under Chapter 11 of U.S. Bankruptcy Law as part of a plan to sell the company’s assets to Power-Flo Technologies, a subsidiary of United Electric Power, of New Hyde Park.
According to Syracuse.com, Geoff Murphy, president and CEO of Auburn Armature Inc., said he expects the buyer of the company to keep most, if not all, of its 118 employees. Auburn employs many mechanics, engineers and drafting technicians, some with 20 to 30 years of experience, who would be difficult to replace, he said.
“I truly believe the acquisition and restructure provides the best outcome for all of AAI’s valued employees, while positioning the company to continue to grow its brand and market leader position in Upstate New York industrial, automation and electrical distribution markets,” Murphy said in a statement.
Auburn Armature has been in business nearly 70 years. With $50 million to $60 million in annual sales, it is one of the largest independent electrical equipment sales and service companies in Upstate New York. The company sells and services electric motors, small and large, builds electrical panels and switchboards, and sells a wide variety of electrical equipment including electrical controls, power distribution equipment, transformers and plant automation equipment. It also sells wholesale electrical items such as industrial lighting, wire, fittings, fuses, motor controls and limit switches.
In addition to its headquarters at 70 Wright Circle in Auburn, the company has branch facilities in Albany, Vestal, Cheektowaga, Rochester and DeWitt.
“We believe that by combining the strengths of both Auburn Armature and Power-Flo Technologies, we will be able to strengthen our commitment to all our customers while continuing to serve them with the most qualified service available,” DiCunzolo said.
Tagged with new york, tED