Firm nears takeover of Indiana Limestone Co.

Published: .
Updated: .

An investment firm is the only bidder to take over a southern Indiana company that supplied limestone to the Empire State Building, the Pentagon and other iconic buildings.

A bankruptcy court auction for Indiana Limestone Co. set for Monday was called off after only a subsidiary of suburban Chicago firm Wynnchurch Capital expressed interest in bidding.

The Herald-Times reports the firm is now in line to buy the limestone company's assets for $26 million. The company filed for bankruptcy protection in February and notified state officials it would lay off 166 workers from its Bloomington operations and Oolitic (oo-LIH'-tihk) headquarters.

Indiana Limestone president Duffe Elkins says the business is expected to reopen and rehire workers after the new ownership takes charge.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.