WAB to buy Chardon Rubber assets out of bankruptcy
CHARDON, Ohio (May 26, 2009)—Chardon Rubber Co. has voluntarily filed for protection under Chapter 11 of the Federal Bankruptcy Code & plans to sell parts or all of the firm.

The filing, made in the US Bankruptcy Court for the Northern District of Ohio, will allow the firm to operate its core businesses while giving it time to restructure certain business segments & develop a debt restructuring plan, said Marian DeVoe, president & chief oper officer.

As part of its restructuring, the firm has entered into an agreement, subject to bankruptcy court approval, to sell certain assets & production lines to Wabtec Corp., a global provider of products & services for the rail & transit industry, she said. Wabtec’s opers include rubber mfg facilities in Greensburg, Pa., & Strongsville, Ohio.

“We want to stress that our production facility is open, & we are working on our customers’ orders & developing new business,” DeVoe said. “We are making every attempt to obtain court protection for our employee wages & benefits.”

Chardon Rubber also is exploring the sale of other product & production lines that has, as well as bids for the entire business itself.