Flotation Technologies to close, lay off 40
Biddeford-based Flotation Technologies has laid off 40 workers as the company that manufactures flotation devices for offshore drilling and marine-related industries plans to close.
The Bangor Daily News reported company officials declined to comment on the layoffs and closure detailed in a filing with the Maine Department of Labor requesting job retraining services for the 40 workers. Julie Rabinowitz, a spokeswoman for the DOL, told the paper that the entire business will be closing.
Just five years ago, Inc. magazine identified the company as the 27th fastest-growing manufacturer in the country. It then had 80 workers and $13.4 million in revenue.
The petition for job retraining attributed the layoffs to foreign competition and “overcapacity in the marketplace,” the paper reported.
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