Business
12:00 am
Thu September 29, 2011

New Company, Same Building for Former Mamtek CEO

Mamtek’s former CEO has a new company that owes the city of Moberly $250,000 by Monday and over $3 million more by next month.

by Tom Martin (Columbia, Mo.)

Bruce Cole and American Sucralose Manufacturing Incorporated will take over Mamtek’s struggling artificial sweetener factory project.  City Manager Andy Morris says progress hinges on Monday’s deadline.

“I’d really rather let that process take shape in terms of the payments. We’re working on a process that hopefully will bring jobs to Moberly and move this project forward,” Morris said.

Cole and Moberly mayor Bob Riley signed the agreement on September 23rd.  Cole formed his new company a week after Mamtek missed a bond payment on the factory – leaving Moberly on the hook.  American Sucralose Manufacturing Incorporated remains unregistered to do business in Missouri.