After 40 years of operation in Sarnia, Entropex has announced its ceased manufacturing operations at its Lougar Ave. facility.
In a news release, Entropex says for the past several months it has struggled to meet the financial challenges caused by the dramatic decline in oil prices and a very competitive business environment.
Despite the company's best efforts to reduce costs, the costs of operating remained high and unsustainable and Entropex’s bankers decided earlier this month to call the Entropex bank loan.
The company's bankers have asked the court to appoint a Receiver to take over the management and control of Entropex effective immediately.
President Keith Bechard says 155 employees, both staff and management, have been terminated.
The Sarnia company had become a world leader in the reprocessing of used industrial and consumer plastics.
