HOPE, AR — Champion Parts, a remanufacturer of automotive parts, has completed the sale of its 200,000 square foot Beech Creek, Pa., plant and property.
Champion Parts remanufactures fuel system components, air conditioning compressors, front wheel drive assemblies and other underhood electrical and mechanical products for the passenger car and light truck, agricultural, heavy-duty truck and marine parts aftermarket.
The plant, which was vacated after consolidating operations in 2002, was sold for $1.5 million.
“With the completed sale of the Beech Creek property, we are now in position to replace our existing loan facility with new lenders, with whom we have been in negotiations,” said Jerry Bragiel, Champion Parts president and CEO. “Now, with the real estate sale completed and once the expected new credit facilities are in place, we believe that our borrowing availability, together with the cash flow generated from operations will be sufficient to meet our working capital needs and plans for growth over the next fiscal year and beyond.”
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