- Associated Press - Friday, October 24, 2014

COLORADO SPRINGS, Colo. (AP) - More than 100 people are out of a job after a diamond wire cutting business in Colorado Springs laid off about a third of its workforce.

The Gazette reports (http://bit.ly/1ywfhIU ) Diamond Wire Material Technologies laid off 105 employees Friday because one of its main customers filed for bankruptcy earlier this month.

Employment and production at the Diamond Wire operation had ramped up to more than 350 workers over the last year, thanks to a contract with New Hampshire-based GT Advanced Technologies Inc. But GTAT filed for Chapter 11 bankruptcy protection Oct. 6.

The contract was worth $40 million.

Diamond Wire uses diamond-coated wire to slice photovoltaic wafers for the solar power industry.

___

Information from: The Gazette, http://www.gazette.com

LOAD COMMENTS ()

 

Click to Read More

Click to Hide