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Sale of historic factory hurt by credit crisis

June 17, 2008
Colgate-Palmolive Co.'s toothpaste plant in Clarksville closes at the end of the month, but the landmark still has no buyer.

The price on the 52-acre site near Louisville has been slashed to $9 million from $13 million, according to The Courier-Journal of Louisville. Observers say tight-fisted lending practices resulting from the credit crisis are likely keeping potential buyers from closing a sale.

Since shifting production to Tennessee in December, the New York-based company has moved equipment to other locations. A 38-foot-tall clock that has kept time outside the building since 1924 is still operating.

Local officials hope developers will turn the brick building, where 1,500 people used to work, into condominiums, offices or a hotel.

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