SALEM, Ohio (WYTV) – Tuesday was supposed to be the day that Quaker Manufacturing in Salem shut down because of a lack of money.
Last month, the company announced it could begin laying off workers if it couldn’t come to an agreement with its bank.
On Wednesday, Articles of Incorporation were filed with the Ohio Secretary of State’s Office for a new company, COMPCO Quaker Manufacturing, Inc. in Columbiana.
That happened just before Quaker’s lender, First National Bank of Pennsylvania, filed a lawsuit for breach of contract.
The bank says Quaker missed payments on $4.8 million dollars of debt. A hearing on the lawsuit is set for Tuesday.
The companies haven’t made an official announcement about the possible sale or the impact on any layoffs.