M&T Bank has foreclosed on Stone Construction Equipment, Honeoye, N.Y. The bank seized assets and shut down operations of the equipment manufacturer in early March.
Stone Construction Equipment executives were not at liberty to discuss the situation and the company, at press time, had yet to issue a statement.
Some Stone customers, however, did receive a message from a company representative that said Stone is working hard to resolve issues and already has new owners.
The Democrat and Chronicle newspaper in Rochester, N.Y., reported the foreclosure and spoke with an M&T Bank spokesman who said active discussions were underway with potential buyers that could acquire the assets and restart a similar operation at the 175,000-sq.-ft. facility in Honeoye.
Stone was founded in 1967, manufacturing about 400 different products including compaction and concrete equipment.