A failed real estate deal has led a manufacturing company that planned to relocate from New Jersey to Kentucky to back out of the move.
Vogelsang Corp., which produces roll pins and coil pins, had planned to move from Lakewood, N.J., to Georgetown to be closer to the automotive industry in the state.
But Dale Stuban, managing director of the company, said plans to sell its Lakewood plant fell through. He said the move had received the blessing of Vogelsang's European ownership, but only if it could be completed by Jan. 1, with all costs incurred during 2010.
Stuban said a deal had been reached to sell the 50,000-square-foot Lakewood property to an organization that planned to convert it into a Jewish private school. But the group was unable to come up with the money and backed out. A different buyer needed time to arrange financing, and "I could no longer make the guarantee that there wouldn't be expenses in 2011."
Stuban said there is a possibility the company might look to expand to Georgetown in the next 12 to 18 months, but it wouldn't be a move of the same magnitude.
Vogelsang Corp., which produces roll pins and coil pins, had planned to move from Lakewood, N.J., to Georgetown to be closer to the automotive industry in the state.
But Dale Stuban, managing director of the company, said plans to sell its Lakewood plant fell through. He said the move had received the blessing of Vogelsang's European ownership, but only if it could be completed by Jan. 1, with all costs incurred during 2010.
Stuban said a deal had been reached to sell the 50,000-square-foot Lakewood property to an organization that planned to convert it into a Jewish private school. But the group was unable to come up with the money and backed out. A different buyer needed time to arrange financing, and "I could no longer make the guarantee that there wouldn't be expenses in 2011."
Stuban said there is a possibility the company might look to expand to Georgetown in the next 12 to 18 months, but it wouldn't be a move of the same magnitude.