April 15, 2014

Firm nears takeover of Indiana Limestone Co.


---- — BLOOMINGTON (AP) — An investment firm is the only bidder to take over a southern Indiana company that supplied limestone to the Empire State Building, the Pentagon and other iconic buildings.

A bankruptcy court auction for Indiana Limestone Co. set for Monday was called off after only a subsidiary of suburban Chicago firm Wynnchurch Capital expressed interest in bidding.

The Herald-Times reports the firm is now in line to buy the limestone company's assets for $26 million. The company filed for bankruptcy protection in February and notified state officials it would lay off 166 workers from its Bloomington operations and Oolitic (oo-LIH'-tihk) headquarters.

Indiana Limestone president Duffe Elkins says the business is expected to reopen and rehire workers after the new ownership takes charge.