Financial problems force work stoppage at Platinum Tool Technologies
Well-known Ontario moldmaker Platinum Tool Technologies Inc. has stopped production amid financial difficultie...
Well-known Ontario moldmaker Platinum Tool Technologies Inc. has stopped production amid financial difficulties, according to a July 25 report in the Windsor Star.
The news comes just months after the Oldcastle, Ont.-based company, which makes molds for vehicle lamp fixtures, was granted $1.25 million in interest-free loans in January from the Federal Export Development Agency to help fund a $2.8-million expansion that includes new equipment and an addition for its recently established aerospace division.
According to the Windsor Star article, the tool shop – headed by Dan Moynahan, who also doubles as the president of the Canadian Association of Mold Makers (CAMM) – remains open, but has laid off 72 employees and is currently trying to convince its vendors, customers, and creditors that it’s solvent.
Canadian Plastics has been unable to reach Moynahan directly, but the Windsor Star’s report stated that Platinum Tool could not meet payroll after two banks that the company deals with pulled funding in rapid succession.
Moynahan stressed to the Windsor Star that Platinum Tool was coming off three very successful years in a row, and can balance its books if given enough time.
Co-founded by Moynahan in 1999, Platinum Tool creates molds for suppliers to General Motors, Honda, Ford, Toyota, Nissan, Harley Davidson, Volvo, and Volkswagen.