ROANOKE, Va. (Aug. 17)--A Virginia bankruptcy court has approved the sale of RBX Corp.'s Groendyk division to Canadian silicone product maker Magnifoam Technology International Inc.
Magnifoam expects to close the $3.84 million deal, which includes a 77,000-sq.-ft. plant in Buchanan, Va., on Aug. 27. The Groendyk operation manufactures a variety of specialty silicone products and will complement Magnifoam's offerings, the company said.
The Buchanan site, RBX's final active manufacturing facility, is the sixth company plant to be sold in 2004. The Roanoke-based rubber and silicone foam maker filed for Chapter 11 bankruptcy protection Feb. 24, the second time it did so in the past three years. But unlike its 2000 bankruptcy filing, the company decided to liquidate its holdings.