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The layoffs would impact 123 jobs, 119 of which are employed at the 1637 Kingsview Drive location in Lebanon. Another four employees that work in Vista, California, would also be laid off.
The notice is conditional, CEO Scott Morling told the Dayton Daily News. The company that provides tooling solutions for CNC tube bending and endforming is “aggressively pursuing” options with lenders and its owners to address its covenant default on loan agreements and credit facilities.
“I can only reinforce that the notice is conditional and was sent out of an abundance of caution,” Morling told the Dayton Daily News, declining an interview out of a busy schedule.
The company is more likely to stay open than close at this time, he said.
Addition’s machine assembly operations have been incurring losses for the last several months, the notice said. The company has been working to restructure its machine assembly and finances to return to profitability, but its default has caused a contraction of available credit.
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The company has been working for months to make an agreement with lenders or secure capital from internal or external sources, according to the notice.
“This notice is being transmitted at this time because the Company’s access to cash has, at least temporarily, been restricted and the Company’s liquidity position may not permit it to continue operating,” the statement said.
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