From MONTCO: K’nex Going on the Auction Block
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[uam_ad id="58328"]Chances are pretty good you spent a lot of hours when you were young trying to make a Ferris wheel, or a car that would actually run on its own, or maybe a crane to lift ‘heavy’ loads into the back of your dump truck with the alluring parts and pieces of your K’nex erector set.
After years of entertaining children of all ages, the company needs a little reconstructing of its own.
PNC Bank said in a legal notice published Thursday that it will sell K’nex, a Hatfield maker of construction toys, at auction on Jan. 29, writes Harold Brubaker for philly.com.
The notice said PNC already has a $21 million offer for the assets of K’nex. The assets are collateral for unspecified loans to the privately-held Montgomery County company.
K’nex, which was founded in 1992 as an offshoot of an injection molding company, did not respond to a request for comment about the circumstances that led to the planned sale. The company also owns classic toy brands Lincoln Logs and Tinkertoy.
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