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Revere rejects 3rd offer by Cleveland metals company
By Jack Spillane Standard-Times staff writer
 NEW
BEDFORD — For the third time in as many weeks, Revere
Copper and Brass has rejected the offer of an Ohio
company to purchase part of its copper plating business.
Mayor Scott W. Lang, however, insisted Monday that if
the involved parties will sit down with state and
federal officials, they can still work out their
differences.
Richard Burkhart, the principal with the Cleveland-based
Stoutheart Corp., said his offer to buy Revere's
equipment assets and accounts was once again rejected.
The arrangement would have allowed the Rome, N.Y.-based
company to continue owning the New Bedford waterfront
land on which a would-be casino developer has purchased
an option.
"We were not able to deal with the complex development
issues that have grown up around the location and the
real estate values for the property where the plate mill
is located," Mr. Burkhart said in a prepared statement.
Revere, whose 13-acre site is located on the Acushnet
River just south of Interstate 195, is thought to be a
prime site for a casino and/or retail development should
the state ever legalize casino gambling.
Revere announced earlier this year it will close the New
Bedford plant due to energy and medical costs that put
it at a disadvantage against foreign competitors.
Peter Gebhard, a financial consultant representing
Stoutheart, said Revere seems to determine to leave New
Bedford and sell the property. Stoutheart officials,
along with the Lang administration, have argued that
leasing the metal plating business to Stoutheart makes
sense, because any casino development is at least two
years' away.
Mayor Lang has expressed concern about the United States
abandoning its metal plating capacity, as well as for
the 35 to 40 individuals still employed at Revere, some
of whom earn in the $50,000 range.
The mayor said he has asked Matthew Morrissey, the
economic development director, to request that Revere
meet with representatives of Rep. Barney Frank and Gov.
Deval Patrick to work out their differences. He
contended that the differences are minor.
Officials with Revere could not be reached for comment
late Monday.
Contact Jack Spillane at
jspillane@s-t.com.
Publication date: June 26, 2007 6:00 AM |
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