Milwaukee-based SIC-Lazaro US Inc. has officially ceased operations at its facility on the city’s north side after filing for receivership earlier this year.
SIC-Lazaro is the American subsidiary of a Spanish company by the same name. The company manufacturers concrete, steel and high-density counterweights used in elevators and heavy equipment.
On Feb. 2, the company voluntarily filed for receivership. SIC-Lazaro has since sold off most of its personal property, according to a motion filed in the case.
Last October, SIC-Lazaro hired Founders 3 to sell its industrial crane facility located at 7040, 7130 and 7150 N. Teutonia Ave. The site was listed for $2.6 million.
The company moved into a 130,000-square-foot facility in 2011.
Milwaukee-based Bentley World Packaging Ltd. submitted an offer to purchase the site last November and plans to make “substantial improvements” to the property, according to court documents.
Bentley has also hired “almost all of SIC-Lazaro’s employees,” according to court documents. SIC-Lazaro had approximately 35 employees in 2019.
There are two outstanding mortgages for the property: one worth $2 million, owed to Milwaukee Economic Development Corp., and one worth $1.8 million, owed to CIBC Bank.
The remainder of SIC-Lazaro’s personal assets are being sold by Chicago-based PPL Acquisition Group.
Representatives with SIC-Lazaro did not immediately respond to a request for comment Friday.
