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Boyd is the owner of Whayne Supply, a large supplier of Caterpillar heavy equipment in Kentucky and southern Indiana.
Walker said it had inked a letter of intent with Boyd for the sale of Walker Machinery and Walker Realty. The two are aiming to close the transaction by year’s end or early 2010.
“It is the intention of the Boyd Company to continue to operate Walker Machinery ‘as is’ and continue the name of Cecil I Walker Machinery,” Walker said.
“By a stock sale, the assets, liabilities and obligations are transferred to the new ownership. Contracts, including our labor agreements with The Operating Engineers Local 132, remain intact.”
According to local media, the company laid off 45 workers in June and another 23 in September, citing the coal production slowdown and the uncertainty of ongoing mining permit issues.
Walker has nine locations throughout West Virginia and Ohio and employs 700 workers.
