SALEM - Assets of the Miller-Holzwarth Inc., a longtime Salem manufacturer that closed last July, will be auctioned off at the Medina County Courthouse on Thursday.
The auction begins 1:30 p.m. with the minimum bid price for the one-lot auction set at $500,000. Lisa M. Barbacci, the court-appointed receiver for property at 450 W. Pershing St., said there are five bidders who paid a $75,000 deposit to register.
Miller-Holzwarth supplied the U.S. military and was known for producing armored combat vehicle components, including periscopes and ballistic glass for more than 35 years.
Bidders were required to submit an International Traffic in Arms Regulations (ITAR) non-disclosure and confidentiality agreement with the deposit. The auction is the result of a lawsuit filed by Norcatec LLC, one of Miller-Holzwarth's creditors that is owed a court judgment of $1.56 million. Money from the auction will be used to cover the debt that remains.
On the auction block will be the main plant, machinery, equipment, inventory, intellectual property including the trade name, trademarks, contract rights, proprietary information and other personal property used in the business.