Bliss & Laughlin Industries Inc., a Harvey-based steel-bar maker, has extended for the third time the deadline on its proposed purchase by Bar Technologies Inc. because the Johnstown, Pa., firm has been unable to raise the money for the acquisition.
The original deadline for the $37.7 million transaction announced Sept. 18 was Dec. 29. The latest deadline was Friday, but that has been extended to Feb. 26, Bliss & Laughlin announced.
Bar Technologies, originally known as BRW Steel Co., was formed in 1994 by New York-based Veritas Capital Inc., an investment firm that has yet to get the company’s principal plant in Johnstown operating.
BRW lost $12.8 million in the fiscal year ended Sept. 30, had no revenues and a negative net worth of $9.6 million.
BRW was the successful bidder, at $9.50 a share, after Bliss & Laughlin sought offers from more than 80 firms.
