search

The Real Deal Logo

Trending

Housing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsBushburg buying Rudin’s half-empty FiDi office building for $160MBushburg buying Rudin’s half-empty FiDi office building for $160MGlossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhouseBrookfield’s deal to sell 777 Tower in Downtown LA collapsesBrookfield’s deal to sell 777 Tower in Downtown LA collapses
South Florida

Brazilian firm buys InnoVida trade secrets at bankruptcy auction

Sign Up for the undefined Newsletter

Millport Associates has purchased the formula for a key material in
building low-cost homes from troubled construction firm InnoVida,
according to the Miami Herald. The company, which is a subsidiary of a
Brazilian conglomerate, purchased InnoVida’s trade secrets at a
bankruptcy auction. The formula involves the way to make certain resin
panels that can be assembled in a short period of time to build
hurricane- and earthquake-resistant homes. Before InnoVida’s bankruptcy,
it planned to use the panels to help Haiti in its reconstruction from
the January 2010 earthquake. Millport, which will largely use the
technology for a group of new factories in Brazil, has also signed a
deal to lease 25,000 square feet in Miramar. [Miami
Herald]

Tags
AuctionsBankruptcy