Bank closes Stone Construction Equipment claim reports

Stone Construction Equipment Inc has been closed by its bank and discussions are underway with potential buyers, according to various press reports in the US.

Stone's local newspaper, the Democrat and Chronicle based in Rochester, New York, and US rental magazine RER have both reported that Stone's bank, M&T Bank, seized the company's assets this week and have closed the company down.

The Democrat and Chronicle quoted a spokesman for M&T as saying that it was in "active discussions" with potential buyers who might restart the business.

IRN tried to contact Stone for comment, but the main telephone line was not being answered and e-mails were bouncing back.

Stone was founded in 1967 and was employee-owned, with its headquarters in Honeoye, New York. Employing around 90 staff, it manufactured a wide range of light compaction and concreting equipment.