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Photocircuits files for bankruptcy protectionTue, 10/18/2005 - 4:24pm
By: John Munford
Photocircuits Corporation, which has reduced its presence dramatically in Peachtree City, has filed for Chapter 11 bankruptcy protection. The Peachtree City location was once the largest employer in the county with almost 2,000 employees, but company officials decided to shutter its production facilities here last year. The company ceased production of circuit boards in Peachtree City, and some employees have remained to help clean up the site and sell assets, said plant superintendent Mark Bunker. Photocircuits will have a smaller presence remaining here with a sales staff of about 15 people, who will be relocated to rented office space once both of the company’s buildings in the city’s industrial park are sold, Bunker said. The company, which consolidated its operations into one facility in Glen Cove, N.Y., will be restructuring its financial obligations, and company officials lauded the support they have received from its employees, customers and vendors. The company is developing new products and services and is enhancing its ability to manufacture for the needs of prototype and military production, officials said. When Photocircuits announced the shutdown of production in Peachtree City, company officials blamed the increasing competitiveness in the international market. login to post comments |