News Column

BRIEF: South Korean Company Buys ClearEdge Power

July 22, 2014

By Miranda Zhang, The Hartford Courant

July 22--Doosan Co. Ltd., based in South Korea, said it will acquire the assets and operating debt of U.S.-based ClearEdge Power, a fuel cell manufacturer for buildings, for $32.4 million, the Reuters news service reports.

ClearEdge Power, based in Sunnyvale, Calif., filed Chapter 11 bankruptcy in May to reduce debt and operating costs. It had major operations in South Windsor but laid off its 250 Connecticut workers in late April.

None of its major creditors are in Connecticut.

A former employee at the South Windsor location has filed a class-action suit against the company for failing to notify its employees before the layoff. The company said its financial situation exempted it from giving its employees formal notice.


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Source: Hartford Courant (CT)

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