In November I wrote about Nail Jack Tools, Inc. and their intentions to purchase the Vise-Grip plant.
Speaking to the World-Herald Bureau, Michael Foley, owner of Nail Jack, Inc., said “the deal is over.”
According to the news story, “To continue, Foley said, he would have had to put up an additional $30,000 nonrefundable deposit today. He decided not to “forfeit” more money; he already had made a $70,000 deposit that won’t be refunded.”
Tight credit markets apparently slowed momentum, and now a town and a talented workforce will remain without income.
I hope there’s a tool manufacturer out there who can seize the opportunity that this plant represents. As Foley said, “The torch for us has gone out. Hopefully someone else will pick it right up and continue the legacy of that incredible plant, that incredible story and that incredible little village.”
News story:
Sale of Vise-Grip plant falls victim to economic pinch
Forum discussion:
Last chance, Made in USA…….
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