Canadian Plastics

Comptec closes doors

The efforts of Comptec International to reposition itself in a changing market came to an abrupt end last week, as...

July 30, 2003   Canadian Plastics

The efforts of Comptec International to reposition itself in a changing market came to an abrupt end last week, as the Vancouver-area custom injection molding firm ceased operations, putting approximately 120 people out of work. Comptec went into receivership on July 18, according to a spokesperson at the accounting firm of Wolrige Mahon, the court-appointed receiver. On July 21 Comptec filed a notice of intention to liquidate its assets. Wolrige Mahon was discharged as receiver on July 22, although it will continue to act as trustee for the company.
Creditors will meet sometime in August to vote to accept or reject the liquidation proposal, according to the spokesperson.
Company president Ernie Gourley did not return calls requesting an interview.
Comptec once had a large business as a contract molder of insert-molded and decorated parts for the consumer electronics industry. In the 90s, much of that business was transferred to Mexico and other low-wage countries. The company attempted to compensate for the loss of business by buying the assets of swim eye-wear manufacturer Sharp Plastics two years ago.


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