CITY SEEKS TO LURE BUYER FOR PRICE PFISTER PLANT.Byline: Rick Orlov Daily News Staff Writer As workers continued their protest over layoffs and the planned closure next month of the Price Pfister Price Pfister is an American manufacturer of faucets and other plumbing products since 1915. It is known most by its odd name, and its advertisements which make note of its "pfaucet with a pfunny name". Co. foundry A semiconductor manufacturer that makes chips for third parties. It may be a large chip maker that sells its excess manufacturing capacity or one that makes chips exclusively for other companies. , city and federal officials announced a new effort Tuesday to find a buyer for the facility. A letter signed by Mayor Richard Riordan Richard J. Riordan (born May 1, 1930) is a Republican politician from California, U.S. who served as the California Secretary of Education from 2003–2005 and as Mayor of Los Angeles from 1993–2001. Riordan ran for Governor of California unsuccessfully in 2002. , Councilman Richard Alarcon, U.S. Senators Dianne Feinstein Dianne Goldman Berman Feinstein (born June 22, 1933) is the senior U.S. Senator from California, having held office as a senator since 1992. She is a member of the Democratic Party. and Barbara Boxer Barbara Levy Boxer (born November 11, 1940) is an American politician and the current junior U.S. Senator from the State of California. A member of the Democratic Party, Boxer was first elected to the U.S. , and Rep. Howard Berman Howard Lawrence "Howie" Berman (born April 15 1941) has been a Democratic member of the United States House of Representatives since 1983, representing the 28th District of California (map). , D-Panorama City, was sent out to more than 300 firms throughout the country and the world to find a buyer for the foundry. ``If nothing else, this demonstrates that public officials can work together to weigh in against impending im·pend intr.v. im·pend·ed, im·pend·ing, im·pends 1. To be about to occur: Her retirement is impending. 2. plant closures,'' said Alarcon, in whose district the plant is located. ``We know it's going to be difficult to transition this plant but, because it is the largest foundry west of the Mississippi, I think we might be able to put something together. ``We aren't being naive,'' Alarcon said, ``but we think there are some incentives that make this attractive to a buyer.'' Price Pfister has announced plans to close the foundry because of difficulties in meeting state environmental laws and it has been moving much of its operation to Mexico. Alarcon said the company has been working with officials to not completely shut down the facility as well as in trying to find a new buyer. ``We have one prospect that we feel very positive about,'' Alarcon said. ``And Price Pfister has agreed to an arrangement if there is a buyer to keep the foundry going. Once it's completely shut down it will be very difficult to open up again.'' Price Pfister officials did not return calls for comment. The release of the letter came as more than 200 workers who have been laid off this year, joined by their union representatives, staged a candlelight vigil A candelight vigil is an outdoor assembly of people carrying candles, held after sunset. Such events are typically held either to protest at the suffering of some marginalized group of people, or in memory of lives lost to some disease, disaster, massacre or other tragedy. at the plant to protest the lack of progress in negotiations. The union has been seeking to obtain back pay and benefits valued at one week for every year worked. Union officials said the company has offered half that amount. ``These are people who have given their lives to Price Pfister,'' said union representative Felix Hernandez. ``The company just doesn't care.'' Alarcon said he does not know the value of the plant, but he said incentives to a new buyer could be worth millions of dollars in financial assistance, tax credit and reduced power rates. The plant is located within the Northeast Valley Enterprise Zone which gives tax credits of $21,000 per employee and up to $1.62 million for new equipment. In addition, it allows electricity cost reductions of 25 percent for five years. Also, Alarcon said the Community Development Bank and the North American Development Bank The North American Development Bank (NADB) is a binational financial institution capitalized and governed equally by the United States of America and Mexico for the purpose of financing environmental projects certified by the Border Environment Cooperation Commission (BECC). have funding available for financing and loan guarantees. The letter also points out the location of the foundry as being close to freeways and airports to reduce the cost of transportation. |
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