Workers at Wescast in Wingham will notice little or no changes once the company is sold to a Chinese purchaser.
And there’s no firm deadline for the new owners to fully take possession of Wescast.
Board Chair and CEO of Wescast, Ed Frackowiak says the nature of the purchase requires time for the transaction to become complete.
The Chinese purchaser has to secure financing from the country’s government which didn’t want to make a commitment until Wescast and the purchaser had arrived at a deal.
A memorandum of understanding on the sale for nearly 80 million dollars had to be signed before anything more could be done on the transaction.
Frackowiak says there is a time frame but much depends on what happens at the Chinese end.
It takes at least six weeks at the Canadian end to work out all the regulatory necessities tied to the sale.
Frackowiak says such transactions are never a “slam-dunk” but there is a timeline toward completion.
He doesn’t give a date by which the sale is to be made final.
Outwardly there will be no change in Wescast’s daily operations.
Frackowiak assures employees there jobs are safe and that the Chinese purchaser wants Wescast to continue operating as it always has.
Wescast makes manifolds for the automotive industry and has operations in Wingham, Stratford and Strathroy with administrative offices in Brantford.
