LONDON—Technic Group P.L.C., considered one of the largest passenger tire retreaders worldwide, has ceased operations and gone into receivership. The demise of the Burton- upon-Trent, England, firm—which produced up to 80,000 retreads per week at full capacity and last reported annual sales of approximately $16 million—cost 250 employees their jobs.
The receivers, Arthur Andersen, have begun disposing of the company's assets to meet claims from creditors. "Despite early indications of interest, no offer was received for the business, and we see no prospect of receiving an offer against a difficult background in the retread market," according to a statement from Arthur Andersen.
Technic, founded in the late 1980s, was the object of a management buyout in February 1998 by then-CEO Peter Webber. Technic claimed to export more than three-fourths of its output, and received several export achievement awards from the British government.
Technic management could not be reached for comment.