Most Active Stories
- Groups call growing oil shipments in NY Cuomo's "Keystone" moment
- National Grid says supply costs, cold temperatures impacted winter electric rate spikes
- Nuclear waste facility in political and environmental limbo
- Death is hard, but hospice can help patients and families
- App turns social media posts into charity dollars
Endicott Interconnect files for bankruptcy, layoffs may follow
Southern Tier-based Endicott Interconnect Technologies filed for Chapter 11 bankruptcy last week. The Broome County high-tech manufacturer, which employs approximately 600 people, plans to continue operations as it reorganizes.
In its filing with the U.S. Bankruptcy Court in Utica, the private company, which manufactures high-tech circuitry and semiconductor packaging, disclosed that it's between $50 and $100 million in debt. Three of Endicott Interconnect's four founders severed ties to the company in April. The remaining owner, Jim Matthews Jr., has stepped down as chief executive.
According to a letter sent by Chief Restructuring Officer David Van Rossum to employees and obtained by The Press & Sun-Bulletin, Endicott Interconnect lost nearly $100 million between 2009 and 2012.
The company was created in 2002 when IBM announced plans to relocate part of its operations.
No layoffs have been announced, but in his letter to employees, Van Rossum added that they're a possibility.
The Upstate Economy