Optex Systems Holdings, a leading manufacturer of optical sighting systems and assemblies primarily for Department of Defense applications, is pleased to announce that the company collaborated with two auction companies to be the successful bidder in the recent auction of the former Miller-Holzwarth (MHI) assets.
Optex teamed with BidItUp Auctions Worldwide (BidItUp) and Maynard Industries (Maynard) in the bankruptcy auction, held at the Medina, Ohio County Courthouse on June 6, 2013. With Maynard and BitItUp, Optex submitted the combined winning bid of $750,000 for the real estate, machinery, inventory, intellectual property and other intangibles.
"We are extremely pleased with this acquisition of assets, intellectual property, and related products," stated Optex CEO Danny Schoening. "Not only were we able to acquire piece parts and tooling at greatly reduced prices for existing Optex products, we also secured designs and product models of parts that previously had been single-sourced only through MHI.
"We are now able to add new product lines, complementing our existing core competencies, while bringing valuable inventory and tooling which has already passed critical customer testing. This could not have happened without the diligent work from the teams from BidItUp and Maynard."
Mr. Schoening noted that the remaining assets including the land, building and inventory including machinery and furnishings were acquired by BidItUp and Maynard Industries.
"While we continue to work diligently to grow Optex organically, we are also executing our plan to actively pursue strategic acquisitions which will be accretive to our earnings and strengthen our relationships with our customers," states Merrick Okamoto, chairman of the Optex Board of Directors.
"The key to winning this bid was the inclusion of Optex, the industry leader," commented senior VP of Maynard Industries, Matthew DelGuidice. "We will continue to work together and efficiently work our way through this transaction."