Helix Circuits to Close Plant, Lay Off 140 : Manufacturing: It blames the recession and defense budget cuts for shutting down assembly unit in Irvine.
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IRVINE — Hurt by a severe recession in the printed circuit-board industry, Helix Circuits Inc. said Monday that it will close its manufacturing plant in Irvine and throw 140 employees out of work.
The plant, which assembles electronic circuit boards for telecommunications equipment and computers, will shut down within 30 days, said Vahan Kololian, president of parent company Helix Circuits, which is based in Toronto. The company also has a manufacturing plant in Ontario, Canada.
Kololian said the Irvine assembly plant’s workers received 30 days’ notice but no severance pay. He blamed the closing on the recession and defense budget cuts, which have claimed a number of printed circuit-board manufacturing plants in the county. Data-Design Laboratories in Anaheim and Diceon Electronics in Irvine, among others, have shut plants during the past year.
Helix, which has about $35 million in annual sales, broke even last year but lost money for the previous six years, Kololian said, adding that large customers recently said they would no longer be renewing their contracts with the company.
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