Sciens Industries employees arrived to work at the Fisher Drive plant in Peterborough Monday morning, only to be sent back home. The precision-machine part company was folding, they were told.
Company president Jerry Vandersanden told Newswatch the bank called in the company’s loans on Friday, despite the fact that the company has more work than ever, Vandersanden says.
He adds there is $1.8-million of work in progress at the shop, and that the company finally started turning a profit two months ago, after a five-year stretch of red ink which started when the company built the new Fisher Drive facility five years ago.
The Peterborough-based company started operations 20 years ago, and employed 19 people.