Press enter after choosing selection

Argus to Sell Machinery In Chelsea Plant

Argus to Sell Machinery In Chelsea Plant image
Parent Issue
Day
13
Month
October
Year
1949
Copyright
Copyright Protected
Rights Held By
Donated by the Ann Arbor News. © The Ann Arbor News.
OCR Text

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.