Endicott Interconnect Sale Gets Greenlight
Endicott Interconnect Technologies is now clear to be owned by a Broome County holding company.
Broome County businessman Jim Matthew's Integrian Holdings LLC submitted the winning bid for the bankrupt EIT in a deal that is estimated at around $20 million.
A U.S. Bankruptcy Court Judge in Utica approved the purchase September 26, allowing the deal to move forward without any further court action.
The Matthews family has owned a controlling interest in the Endicott technology company for years. Their familiarity with the business, which currently employs around 600 workers, was cited in the decision to approve the high bid.
EIT at one time had employed around 1,100 workers at the former IBM site, but with a slump in orders, hundreds were laid off in an effort to keep the company afloat before bankruptcy was filed.
Integrian will assume Endicott Interconnect's $15 million debt. It would also be eligible to collect a $2.5 million grant from Empire State Development if it keeps EIT open and its workforce in place.
The formal completion of the transaction is expected in October.