A Saskatchewan Court of Queen’s bench judge has approved the sale of seeding equipment manufacturer Morris Industries to the parent company of Rite Way Manufacturing.
The transaction was final in December. Morris has been in creditor protection since January 2020.
Headquartered in Regina with manufacturing based in Imperial, Sask., Rite Way builds and sells a variety of equipment, including rock pickers, land rollers, heavy harrows, rotary harrows, and crimper rollers.
The deal would see Rite Way acquire Morris’s head office in Saskatoon, Sask. and the company’s manufacturing facility in Minnedosa, Man. It notably does not include Morris’s manufacturing plant in Yorkton, Sask., which the company has operated since 1949. The closure of the Yorkton plant is expected to result in the loss of approximately 70 jobs, 20 of which were active in late 2020.
The transaction would “preserve the core components of the 90-year-old farm equipment manufacturing enterprise carried on by Morris Group (and its predecessors) continuously from the 1920s until the present date,” says the latest report from Alvarez and Marsal, the court-appointed monitor for Morris.
Court documents say the restructured business will operate as Morris Equipment.
Source: RealAgriculture.com | RiteWayMfg.com | Member since 2012