MEGTEC Systems announces it has purchased the Intellectual Property of the former Ross Air Systems Inc., based in New Jersey. The company manufactured complete web process lines including industrial dryers and ovens, coaters, material handling equipment, air pollution control and heat recovery equipment. MEGTEC will now be supporting former Ross Air Systems' customers with service, spare parts, and engineering services.
Ross Air Systems originally filed for Chapter 11 bankruptcy in May 28, 2008 and the case was later converted to a Chapter 7 liquidation filing on December 15, 2008. The company's assets were then scheduled for auction based on a December 31, 2008 ruling from the US Bankruptcy court.
The purchase includes Ross Air Systems' intellectual property only, and does not include the employees, inventories or in-process contracts, company's physical property such as buildings or any liabilities whatsoever for any of their existing installed base (inclusive of any warranty obligations).
About MEGTEC Systems
MEGTEC Systems is a world –leading supplier of industrial dryers and ovens, VOC oxidation equipment, solvent recovery and distillation systems, heat recovery systems, web handling and other equipment for coating, packaging, converting and other process markets.
SOURCE: MEGTEC Systems