Atlanta Wire Goes Bankrupt
Atlanta Wire Goes Bankrupt
Jason Sandefur
Cold-heading quality steel wire and processed rod producer Atlantic Wire Co. LLC has filed for Chapter 11 bankruptcy, president Manfred Leong told Metal Bulletin News.
Founded in 1906, Atlantic Wire manufactured low to medium carbon and alloy steel cold-heading quality wire and processed rod ranging in size from .030″ to .750″. The company has advised customers to find other drawn wire sources.
“Our sales have softened over the last 18 months and while we face continuing cost increases from rod mill suppliers, in addition to fuel and other rising costs, our margins have been squeezed,” Leong explained. “We are burning cash.” The company is not a viable buyout candidate because the facility is over one hundred years old, the equipment is aging and its processes were not fully automated. E-mail: info@altanticwireco.com Web: atlanticwireco.com \ �2008 FastenerNews.com
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