WC Woods To Be Sold: UPDATED

WC Woods is on our radar.......but first let's get the viewing audience up to speed at home....................

1st:  WC Woods was wisely sold by the Woods family in 2007 to Mitsubishi's private equity arm, Red Diamond. 
2nd:  Demonstrating their management genius, Red Diamond owned WC Woods declares bankruptcy protection in both the US and Canada in May 2009.

What's happening now.........
October 12, 2009:  WC Woods unloads its Dehumidification Division to Swedish ventilation giant Systemair.
October 22, 2009:  The Guelph Mercury, (a newspaper not a Lord of the Rings character) reported that WC Woods fired 50 workers "in recent months", while WC Woods claims that employment is stable.  The paper further said:

Declining sales and increasing raw materials costs were cited as the reason of the restructuring measures, company officials said in May.
“There have been no recent layoffs,” said Ferguson. “We are going through a restructuring and it is not complete. What that entails is basically confidential and has not been disclosed.”
Ferguson added that the company’s business situation has not changed. Sales have not picked up.
“We are getting close,” she added, speaking of the restructuring measures, “but I am not in a position where I can share any of that. We have until the end of October to go back to court. I expect to have something by the end of next week.”

So why is WC Woods on our radar............we'll tell you Thursday.  TO BE CONTINUED.

UPDATED November 5, 2009
WC Woods stopped production the last week of October, per order of the banks, to prepare for sale of the company.  The sale is hoped to be closed, and the factory back in production after Thanksgiving.  Though there is still some product remaining in inventory, some products are back-ordered.  The contractual supply and distribution relationship with Whirlpool remains strong, and Whirlpool is fully informed as the process unfolds.