https://themonty.com/letter-of-intent-to-buy-metals-technology-corporation-mtc/

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					<h2 class="entry-title">Letter of Intent to Buy “Metals Technology Corporation (MTC)”</h2>
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				<div class="et_pb_text_inner"><div class="x_elementToProof"><span data-olk-copy-source="MessageBody">August 12th&nbsp;of this year&nbsp;</span><b><i>“The Monty Heat&nbsp; Treat News”</i></b>&nbsp;had a news item about the second largest commercial heat treater in the Chicago area,&nbsp;<b><i><a id="OWAc9b0b726-eaf6-9462-5754-e97cede86284" class="x_OWAAutoLink" title="https://themonty.com/metals-technology-receivership-sale/" href="https://themonty.com/metals-technology-receivership-sale/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" data-linkindex="0">“Metals Technology Corp.”</a></i></b>&nbsp;entering receivership, we can now provide an update on this story;</div>
<div>&nbsp;</div>
<div class="x_elementToProof"><b><i>“Plante Moran”</i></b>, a company in the Chicago area was tasked with restructuring the company which ideally meant finding a buyer who would continue to run “MTC” as an ongoing commercial heat treater-it would appear that they were successful. According to this abbreviated statement from&nbsp;Sandor Jacobson, CPA | Partner | Restructuring&nbsp;at “Plante Moran”,&nbsp;<b><i>“SWD”,&nbsp;</i></b>&nbsp;a leader in the metal finishing and fastener sorting fields has signed a letter of intent to purchase the company. The details are below;&nbsp;</div>
<div>&nbsp;</div>
<div class="x_elementToProof"><i>“I am happy to report that MTC’s operations remain stable, and MTC’s business has been unaffected by my appointment. I have continued to retain all the existing employees and management personnel, and MTC is operating in the ordinary course. MTC’s secured lender continues to support our sales process to facilitate a transition to new ownership through a going concern, turn-key sale of the MTC assets.</i></div>
<div>&nbsp;</div>
<div class="x_elementToProof"><i>After running an exhaustive sales process, I am excited to report that I have signed a letter of intent agreement with SWD, Inc., or its assignee (SWD). SWD is a recognized leader in the metal finishing and fastener sorting fields. It has over 200 employees and runs three shifts per day in its 200,000 sq. ft. facility just west of Chicago in Addison, Illinois. My counsel is working with counsel for SWD on a definitive asset purchase agreement (the “APA”) and we hope to close on a direct sale to SWD subject to court approval in January 2025.&nbsp;SWD&nbsp;intends to continue the operations of MTC as is where is and maintaining the customer base will be a critical factor in us getting to a closing.”</i></div>
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<div class="x_elementToProof">View our recent magazines and podcasts by clicking the following link. <a href="https://themonty.com/magazine/">https://themonty.com/magazine/</a></div></div>
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