Joyson Safety Systems, which makes explosive actuators for automobile airbags, is seeking a new lease from the Port of Moses Lake that would give the company the ability to sell all of its physical U.S. assets to a real estate investment firm without prior approval from the commission which oversees the port, and then lease the assets back. Currently, Joyson owns its buildings but leases the land on which they sit.
October 25, 2022
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Joyson seeks new lease from port
MOSES LAKE — Airbag explosive maker Joyson Safety Systems is asking the Port of Moses Lake for a new lease that would allow the company to sell its assets to a potential investor without needing port review, according to an attorney for the Port of Moses Lake. Seth Woolson, an attorney for the Bellingham-based law firm of Chmelik, Sitkin and Davis — the firm that represents the port — and port Director of Real Estate Carol Crapson told commissioners at a regular meeting Monday morning that the Auburn Hills, Michigan-based automotive safety manufacturer is considering selling its physical assets to a real estate management company in order to have cash on hand to improve and expand current operations...