Home > News > Industry News > Sanford manufacturer lays off 35 employees

Sanford manufacturer lays off 35 employees

Post Time:Apr 01,2010Classify:Industry NewsView:108

The economic downturn has dealt a blow to another local business and its employees.

Architectural Glazing Technologies of Sanford [Maine], recently decided to lay off 35 employees due to the depressed construction market. The company, which had once employed 55 people, already had reduced its workforce to about 35 people in the last year.

"Although the company remained profitable in 2008 and 2009, with current assets that exceed liabilities, cash flow has impeded the company and led to a recent lay off of thirty-five employees," wrote AGT President Adrian Ayotte in a March 24 press release.

Ayotte said the company is not booking new projects and that he is currently working with a skeleton crew of 12-to-15 employees who have been called back to work on a weekly basis to continue completing 15 current projects. He said the company is "actively seeking a buyer or an investor to allow it to survive the economic downturn," according to an April 1 Fosters.com report.


Share this article:

Source: http://www.glassmagazine.com/news-item/commercial/sanford-manufacturer-lays-35-employeesAuthor:

Hot News