A Japanese firm that has a long history with Baltimore-based Hedwin Corp. was named the winning bidder for the manufacturer in a bankruptcy auction Friday, a development that Hedwin officials said would save the company's 300 jobs.
Fujimori Kogyo Co. offered $22.2 million after just over two hours of bidding, up from its initial bid of $16.5 million. A team from rival bidder Inteplast Group, a New Jersey maker of plastic products, huddled in another room for five minutes and returned to bow out.
"Inteplast has decided not to bid further in this auction," said Arthur E. Rosenberg, an attorney for the company.
Fujimori topped Inteplast's final offer by...