National plant sale an internal transfer
$7.7 million transaction recorded
DIXON – National Manufacturing Co. recently sold its Lee County plant to a property holding company, but an economic development official called it an internal transfer.
On Dec. 31, the Lee County clerk’s office recorded a deed transfer from National to SBD Property Holdings LLC. The transaction was for $7.7 million.
The building is on U.S. Route 30 in Lee County, just east of Rock Falls. The National plant, owned by Stanley Black & Decker, closed in May.
John Thompson, executive director of the Lee County Industrial Development Association, said when he heard about the transaction, he went to the county clerk’s office. He determined SBD was Stanley’s property holding entity.
He said he believed the $7.7 million was the on-the-books value of the plant.
The Sterling and Rock Falls National operations were moved to Denison, Texas, and to Xiaolan, China.
A Stanley spokesman didn’t return a call for comment Tuesday.