Mansfield Plumbing Products, Inc. v. OBES

Prior to January 1,1987, the Clevepak Corporation was a business owned and operated in Ohio by Eagle Industries Pursuant to a plan of reorganization, an agreement was executed on January 31,1987, whereby Mansfield Plumbing and Clevaflex, two separate divisions of Clevepak, became wholly owned subsidiaries of Eagle Industries By virtue of this agreement, which became effective on February 1, 1987, 87.5 percent of Clevepak's assets and four hundred of its employees were transferred to Mansfield Plumbing, while the remaining 12.5 percent of Clevepak's assets and forty employees were transferred…