GREAT FALLS, MONT. - Plasnetics USA Inc. is out of business.
``We voluntarily quit business this week and notified the leasing company,'' President Bill McPhail said in a Dec. 14 telephone interview. ``We moved out of this facility [Dec. 10].''
McPhail acknowledged that his blow molding firm was issued an eviction notice Dec. 11 from the High Plains Development and Port Authority on its headquarters facility. Two months ago, Plasnetics was evicted from its Salt Lake City location.
``Their lease agreement was terminated, effective immediately, on Dec. 11,'' said Cheryl MacArthur, deputy director of the Great Falls-based development authority. Employees and officials with the blow molding operation had 48 hours to vacate, MacArthur said.
Allco Leasing and Financial Services, the Portland, Ore.-based company from which Plasnetics leased its manufacturing equipment, filed a complaint against the firm in U.S. District Court in Great Falls on Nov. 28. According to court documents, Allco insisted that Plasnetics surrender the equipment or pay $792,757, which is the full amount due to Allco under the lease.
Plasnetics has been plagued by financial problems. McPhail pleaded guilty in August to stealing funds from a local Little League baseball organization. In a Dec. 3 Plastics News report, he insisted the company would continue to operate. At the time, McPhail discussed moving the business to another location. Just over a month ago, the firm lost its biggest customer in the Great Falls region.