In a desperate attempt to save their jobs, workers at Artech Printing Inc. have asked a Wisconsin state court to block the company from selling its printing plant and equipment in Sturtevant, as they work on a deal to purchase the company themselves.
The workers said they intend to work with the state and any potential equity partners to make an offer. But they first want to review financial records to see how the facility fell into financial problems less than a year after it was acquired from Golden Books Family Entertainment Inc.
“We are applying for assistance to be a potential purchaser with an equity partner,” said Ed Garvey, an attorney for three unions that represent 280 workers.
The workers’ effort comes as a court-appointed representative tries to work out loan terms with GE Capital, Artech’s chief lender, and find a buyer for the 460,000-square-foot plant.
“If [the receiver] sells off the equipment, it could take tremendous assets from the plant,” Garvey said. “We don’t want him to sell off, bit by bit, the most important parts of the plant.”
Wisconsin State Department of Commerce officials say they may consider rolling over a $3 million loan to Artech workers, so they can save the jobs.
Artech, a commercial printer, is based in Sturtevant, near Racine; its parent, Montreal-based Artech Capital, owns printing plants in Canada and France.
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jwthompson@tribune.com
