The assets of Stone Construction Equipment were seized earlier this week by its primary lender, and the company was shut down, RER has learned. According to sources close to the situation, Stone Construction Equipment owed a substantial sum of money to the bank, but was unsuccessful in negotiations with the institution.
According to sources who spoke on the condition they not be identified, Stone posted strong sales at the recent Rental Show and was turning the corner after the recession. However the bank grew impatient, sources said.
No further details regarding the Stone situation were available at press time. RER was unable to reach Stone officials.
Stone Construction Equipment is based in Honeoye, N.Y., and is a leading and well-respected manufacturer of compaction and concrete-related products.