City Continues to Work on Job Retention

Revere Rejects 3rd Offer by Cleveland Metals Company
By Jack Spillane Standard-Times Staff Writer

NEW BEDFORD — For the third time in as many weeks, Revere Copper and Brass has rejected the offer of an Ohio company to purchase part of its copper plating business.
Mayor Scott W. Lang, however, insisted Monday that if the involved parties will sit down with state and federal officials, they can still work out their differences.
Richard Burkhart, the principal with the Cleveland-based Stoutheart Corp., said his offer to buy Revere’s equipment assets and accounts was once again rejected. The arrangement would have allowed the Rome, N.Y.-based company to continue owning the New Bedford waterfront land on which a would-be casino developer has purchased an option.
“We were not able to deal with the complex development issues that have grown up around the location and the real estate values for the property where the plate mill is located,” Mr. Burkhart said in a prepared statement.
Revere, whose 13-acre site is located on the Acushnet River just south of Interstate 195, is thought to be a prime site for a casino and/or retail development should the state ever legalize casino gambling.
Revere announced earlier this year it will close the New Bedford plant due to energy and medical costs that put it at a disadvantage against foreign competitors.
Peter Gebhard, a financial consultant representing Stoutheart, said Revere seems to determine to leave New Bedford and sell the property. Stoutheart officials, along with the Lang administration, have argued that leasing the metal plating business to Stoutheart makes sense, because any casino development is at least two years’ away.
Mayor Lang has expressed concern about the United States abandoning its metal plating capacity, as well as for the 35 to 40 individuals still employed at Revere, some of whom earn in the $50,000 range.
The mayor said he has asked Matthew Morrissey, the economic development director, to request that Revere meet with representatives of Rep. Barney Frank and Gov. Deval Patrick to work out their differences. He contended that the differences are minor.
Officials with Revere could not be reached for comment late Monday.
Contact Jack Spillane at jspillane@s-t.com.
Publication date: June 26, 2007 6:00 AM

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