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OIS Optical shuts down plant and lays off workers

24 September 1998: OIS Optical Imaging Systems Inc. of the US said it stopped its manufacturing operations in accordance with a plant shutdown plan approved by its board of directors.
The company sai…

24 September 1998: OIS Optical Imaging Systems Inc. of the US said it stopped its manufacturing operations in accordance with a plant shutdown plan approved by its board of directors. The company said in a statement that about 220 employees were laid off immediately as a result of the plant shutdown. OIS Optical said a core group of employees required to implement the shutdown will continue to work for a limited period of time. The company also said in early September that it was considering dissolving the company if its major shareholder, Guardian Industries Corp., pulled its funding or if a buyer were not found. Since February, the company has been looking for investors to finance or acquire its business, the report said. “Following the unsuccessful conclusion of this lengthy and exhaustive strategic investment process, Guardian informed OIS that it would not make any further investments in OIS,” the company said. It said that even so, it expected that funds received under its tax sharing agreement with Guardian and through the sale of its assets will be enough to implement the shutdown plan and pay its debts as they become due. The company is, and expects to remain, current on its obligations and also expects to pay all of its trade creditors in full. OIS said its board of directors was now considering dissolving the company and liquidating its assets and that because of its existing debt and other obligations, shareholders are not likely to receive any proceeds of the liquidation. OIS manufactured and sold active matrix liquid crystal displays, primarily to the commercial and military avionics markets.24 September 1998.

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