Argus to Sell Machinery In Chelsea Plant

Argus To Sell
Machinery In
Chelsea Plant

Step Is One Of Recent
Moves To Consolidate j
Company's Operations ^

Argus, Inc., which has been •
un9ergom;5" a- reorganization in re-
cent months, has arranged to sell
the machinery in its leased plant
in Chelsea.

The move is another in a series
of consolidation actions which be-
gan in June following the surprise
resignation of Robert D. Howse,
former president of the firm..

At that time, James M. Delaney.
of the accounting firm of Delaney
& Wood representing the Northern
^rfteust Co. of Chicago, was made
acting manager of Argus. The^
affairs of the company have beenj
guided since by Delaney and s§
three-man executive committee. 1|
Other Moves Taken

On June 14, the company an-
nounced the sale of its two manu-
facturing plants in Minneapolis,
Minn., and recently a decision was
made to discontinue production off
_._the ceiling projector at the locao
" plant.

A company spokesman said toda^
the various moves have been taken
in the interest of economy and to
offset what now is considered to
have been over-expansion. Also.
»the company is seeking to consoli-
date its most profitable ac^ivitie;'
in Ann Arbor and again to limit
its manufacturing to cameras and
optical equipment.

In August, Argus was granted!
q $900,000 Reconstruction Finance
Corp. loan in Washington, a

The surplus equipment at thq
Chelsea plant is valued at abou^
$25,000 and includes punch presse:'.
shapers, lathes, and precision andj
inspection equipment. |1
Auction On Tuesday -i

The James E. F. Moorman Co.:

of Detroit, appraisers and liquida^
tors, will sell the machinery a||
a public auction at the plant (30B
Hayes St.) beginning at 11 o'clock*
Tuesday morning. :

The Che1 ''erty was leased
for a five-', , ,od in the spring
of 1948. No announcement has been
made by Argus officials as to
whether or not a sub-lease has
been negotiated. The annual rental
is $4,200.

When Argus ecquired the prop-
erty, approximately $50,000 was
spent on new fixtures, lighting,
wiring and other changes. The
property is owned by a Detroit
'-^dentist.