A new report released Monday by the Bakersfields Business Journal, a business publication in Bountiful, California, shows that Koch Industries is moving toward bankruptcy.
The company is in the process of restructuring its industrial manufacturing business.
The Bakersbooks Business Journal report also says the company is facing bankruptcy proceedings in Kentucky, Missouri, North Dakota, Texas and South Dakota.
Bakersfield Business Journal reporter Robert R. Lee, who has covered the Kochs since they were founded in 1967, says the report was a bombshell.
“They are literally bankrupting this business,” he told The Associated Press.
“I think it’s really a very big deal.
It’s something that we need to look at very closely.”
Lee says the Koch company has been struggling to get a foothold in manufacturing since the 1980s.
“There are two or three factories that are producing parts of it.
It seems like there’s a huge number of factories that don’t have a presence in Bakingfield.”
Bakersfields business is in dire straits.
The city is about 50 miles northeast of San Francisco, but it has only one large manufacturing plant.
It has about 1,000 employees.
Lee says Bakersbury has lost a major piece of its manufacturing economy.
“It’s not just that it’s losing jobs, it’s it’s lost its way.
It doesn’t know what it wants to do,” Lee said.
Lee and other reporters have been following the Koch brothers’ industrial operations in Bakerfield since the 1990s, when they built the first large-scale, integrated assembly line in the U.S.
The company is now facing multiple bankruptcy proceedings.
Bakersdays business is one of three major industrial manufacturing firms in the state.
Bakeries manufacturing and construction division is the largest.
It employs about 2,300 people.
The Bakersbook, which is published by the newspaper and its sister publication, the Bakerbooks, is a regional business publication.
It covers a wide range of industry, from food and beverage to the arts and entertainment.
Bakeries’ industrial manufacturing division, which employs about 1.2 million people, is based in South Bend, Indiana.
It produces high-end industrial equipment and machinery.
The Wichita Eagle is the Bakesfield BusinessJournal’s daily business section.
Contact the Baking Journal at (785) 826-4812 or [email protected]