IMTEC closing local operations

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County secured $2.4 million loan with building and land

By Carol A. Clark

3M officials were in town Wednesday informing employees at IMTEC (HYTEC) that the operation will shut down within 45 days.

Dave Frezee, vice president of 3M digital oral care and Doyle Shea, 3M finance supervisor of real estate, also met with County Administrator Tony Mortillaro Wednesday.

The men discussed the $2.4 million loan Los Alamos County provided the company in 2008. The money was to help fund construction of a nearly $4 million, 20,000-square-foot engineering and research facility with a 5,000-square-foot prototype manufacturing high bay at Airport Basin.

That facility is not quite complete and the 11 employees remaining with the company following a lay-off last year are operating out of the 10,000-square-foot Eastgate location.

“The agreement called for three years deferred payment on the loan and then 10-years amortized payments. The loan is secured by the building and land beneath it and was subject to certain performance requirements related to job retention and job creation,” Mortillaro said. “We need to resolve the implication of the loss of jobs.”

The 3M officials told Mortillaro they had offered two employees severance packages and positions at other 3M sites around the United States to the remaining nine.

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