MUNCIE - A once-thriving, long-vacant automobile components plant has been acquired. The Star Press in Muncie reports Ohio-based Jim Wallace Co. has purchased the former BorgWarner Inc. (NYSE: BWA) property and filed a demolition permit with the city building commission. The 1.1 million square-foot plant has been vacant for most of the last eight years.

In the late-1950s, a former plant timekeeper told The Star Press about 10 years ago, the half-mile-long operation employed 5,000. The Michigan-based company pulled out of Muncie in 2009 and several attempts in that time to redevelop the more than 90-acre property have been unsuccessful.

Jim Wallace tells The Star Press he plans to tear down all but around 200,000 square-feet of the old plant, which will then be put up for lease. He says clean up will also be done at the site. The massive facility dates back to the early 1930s.

You can read more from The Star Press by clicking here.