HONEOYE, N.Y. — The assets of Stone Construction Equipment were seized last month by its primary lender, M&T Bank, and the company was shut down, RER learned.
The Buffalo, N.Y.-based financial institution that foreclosed on Stone Construction Equipment and seized its assets may entertain offers to acquire the company, according to the Rochester Democrat and Chronicle, and to sources close to the situation who spoke with RER. Sources have indicated that Stone sold more than $500,000 in equipment at the recent Rental Show and had a healthy backlog of orders when the bank shut the company down.
A bank spokesman told the Democrat and Chronicle that the recent improvement in Stone's business could make it an attractive acquisition target and that the bank is in discussions with potential buyers.
For the time being, the closure of Stone's facilities has put 90 people out of work. Stone at one time employed more than 200 people, sources said. The current closure has rendered the employee-owned company's stock essentially worthless.
Stone Construction Equipment is based in Honeoye, N.Y., and is a leading and well-respected manufacturer of compaction and concrete-related products.