Westport, Conn.-based Terex Corp. bid $12.5 million to buy Advance Mixer, a bankrupt company that employs about 130 people and produces concrete mixer trucks and pumps.
“There were no [other] bids, so Terex's asset purchase agreement is binding,” said Advance Mixer spokeswoman Nancy Deptolla.
Advance Mixer filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Indiana, Fort Wayne Division, in December. The company cited debts of between $50 million and $100 million and assets of between $10 million and $50 million.
Terex spokesman Kevin O'Reilly said Advance Mixer fits well with Terex's product lines and both businesses have some common customers.
