When the Boeing plant went up for sale earlier this year, local employees formed the Employee Stock Ownership Plan and hired Richard Phenneger and his firm, Phenneger and Morgan, to look into buying the plant. The employees wanted to buy the plant because they felt they had the skills to make it profitable.
The 308,000-sf Boeing plant, which designs and manufactures floor panels, air ducts and cockpit panels, is worth approximately $40 million. Boeing is soliciting bids that have the ability to meet certain criteria, mainly an obligation to maintain the plant's operations.
Both Boeing and the members of ESOP are bound by confidentiality agreements and spokespeople for both groups declined to release the details of ESOP's rejected proposal.
Boeing officials say that there are several potential buyers that are interested in the plant, and that the company will select the buyer based on their ability to operate the plant, good citizenship and good corporate and union relationships.
The Boeing Company plans to sell the plant, but will hold off until it finds a bidder that will keep the plant open and secure the jobs of the 500 employees that work there.
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