Springs Fabrication buys IP Systems' assets
Last Updated: 15:52 September 20, 2013
Broomfield-based IP Systems and its employees are expected to remain in Broomfield, according to a press release about the transaction. Springs Fabrication is a metal manufacturing firm based in Colorado Springs.
Springs Fabrication executives did not immediately respond to a request for comment. No one answered the phone at IP Systems during morning business hours Friday.
Before the transaction, IP Systems was a subsidiary of Genetec Technology Berhad in Malaysia, which owned 60 percent of the company. IP Systems defaulted on a $1.23 million loan made by Wells Fargo Bank, according to documents filed with the Malaysian stock market. The company makes metal containers that workers can access through protected gloves to work with hazardous materials.
In July, Genetec Technology Berhad agreed to sell IP Systems' manufacturing equipment, product designs and patents to Springs Fabrication, according to documents filed with the Malaysian stock market. Springs Fabrication completed the transaction this week, the company said in a press release.
Springs Fabrication has more than 200 employees in Colorado Springs and Loveland, according to its website. Workers make metal products for the energy, mining and technology industries.
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