.....Advertisement.....
.....Advertisement.....

IMTEC closing local operations

-A A +A

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.


If you subscribe to the newspaper, you receive FREE access to all the exclusive content of the web site! Simply register to receive uninterrupted access to our award-winning and in-depth local online content!

Renew Current or Past Subscription / Register for Online Subscription

If you currently subscribe or have subscribed in the past to the Los Alamos Monitor, then simply find your account number on your mailing label and enter it below.

Click the question mark below to see where your account ID appears on your mailing label.

Newspaper Acct. ID:
info
Street Address:
(exactly as it appears on the label)

If you are a subscriber and you do not know your account ID or don't have a copy of your newspaper available that shows the information on the address label you can click continue below to search for your account.

New Subscription/30 Day Free Trial Account

If you are new to the award winning Los Alamos Monitor and wish to get a subscription or simply gain access to our online content then please enter your ZIP code below and continue to setup your account.

ZIP Code:



Create a limited access account.
Register to participate in community forums, post on the community calendar, blog etc. This registration does not give you full access to read our award winning content, etc.

The Los Alamos Monitor | lacirculation@lamonitor.com | 505-662-4185
256 DP Road, Los Alamos, NM 87544
Office Hours are 8:00 a.m. to 5:00 p.m., Monday through Friday