UPDATE: Sandusky International will be sold to MetalTek International, officials confirmed Thursday morning.
The sale “has the very real potential” to bring more jobs to this city, Sandusky International president and CEO Ed Ryan said.
The companies haven’t finalized a sale price, but hope to reach an agreement by the end of October, he said.
The sale will allow to Sandusky International to expand its business because MetalTek has workers and expertise in aerospace, defense, food process, mining and other industries, which Sandusky International has previously untapped.
In return, MetalTek will have access to Sandusky International’s machinery, which can produce much larger products than MetalTek has ever made.
Both sides called it a win-win.
ORIGINAL STORY: Sandusky International has been sold to one of its competitors, according to employees with knowledge of the transaction.
Wisconsin-based MetalTek International is the buyer, the employees said. The sale won't be official until October.
Sandusky International is a downtown paper-machine factory that opened in 1904, making it one of the oldest companies in the city.
Sandusky International president and CEO Ed Ryan wouldn't confirm the sale Wednesday.