February 16, 2011
A local aviation subcontractor is closing its doors and plans to auction all its equipment and buildings.
Machining Specialists Inc. has let go nearly all its employees, which at one time numbered more than 100. The company is owned by Stan Cox and Dave Fish.
Cox says the machine shop wasn’t able to weather the economic downturn. Its plight was heightened by debt it incurred during a 2007 expansion to accommodate a large contract with Cessna Aircraft Co.
“We basically enjoyed about a year of that contract, and then things went south,” Cox says. “We made a conscientious decision to close.”
Machining Specialists has been in business since 1997. It is located at 2727 W. Pawnee but added a second facility three years ago at 2710 W. Pawnee to accommodate its Cessna contract. Machining Specialists made large and small parts for the Citation Sovereign business jet.
When the economy went south two years ago, orders from Cessna dried up, Cox says. At the time, about 45 percent of Machining Specialists’ business was with Cessna.
The company has an equipment auction scheduled for April 15. That will be administered by Farmington Hills, Mich.-based Hillco Industrial.
The company also has listed its two buildings for sale with J.P. Weigand & Sons Inc.
Cox says Machining Specialists’ lender, Sunflower Bank, is working with the firm on the liquidation.
“When we sell the buildings and get everything auctioned off, we ought to be fine,” he says. ”We’re optimistic we will not have to do a bankruptcy.”
Cox is brother to Cox Machine Inc. owner Steve Cox. The two companies aren’t related.