Injection molder Andover Industries has filed for protection from creditors under the U.S. Bankruptcy Court's Chapter 11, stating it is not able to pay its bills in a ``timely fashion.''
The Troy, Mich.-based company filed Oct. 21 at U.S. Bankruptcy Court in Erie, Pa., noting it has ``experienced serious financial difficulties recently.''
Andover, which also operates legally under the name Buffalo Molded Plastics Inc., has a sales office in Troy, and manufacturing in Andover and Dayton, Ohio; and Meadville, Pa. It had estimated 2003 sales of $120 million and employs about 700.
The bankruptcy filing lists estimated debts between $10 million and $50 million. Its unsecured creditors include PPG Industries Inc. for $2.5 million, Basell USA Inc. for $895,000, Delphi Corp.'s Packard Electric Systems, owed nearly $500,000, and Washington Penn Plastics Co. Inc. for $395,000.
Andover molds and paints interior and exterior auto trim, including bumper fascia, body side moldings, door panels and air-bag covers. It also molds components for home appliance manufacturers, the marine industry and office furniture makers. It also has gas-assisted molding capabilities and expanded polypropylene production.
In 2000, the company made a brief move to establish a base in Europe, announcing plans for a facility in Norway.
Chief Executive Officer John O'Neill did not respond to requests for comment. The O'Neill family has owned the business for more than 20 years. Executives for Andover told the Erie Times-News that the family will seek a new owner through the bankruptcy process, and production will continue under court protection.