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(Connersville, Indiana) – Material handling equipment maker Crown Equipment Corporation has rescinded its offer to buy the former Visteon site here, according to economic development officials.

In October, Crown reportedly signed a letter of intent to purchase the site, which is about 1.4 million square feet. Visteon, one of the largest employers in the region, closed at the end of 2007.

Neither Crown nor city officials are commenting on the busted deal. However, the company did leave the door open for future negotiations, said Doug Howard, executive director of The Economic Development Group of Fayette County.

Crown is based in New Bremen, Ohio. For more information on the company visit http://www.crown.com/usa/index.html.