EDMONTON, Alta. — Raydan Manufacturing has placed its Ontario operations into receivership.
The company announced Raydan Ontario will cease operations as of today.
It has appointed PricewaterhouseCoopers as its receiver.
“After careful examination, it was clear that the best way to protect the company and its creditors would be to privately appoint a receiver and to enter Raydan Ontario into voluntary receivership,” Raydan said in a release.
The Ontario closure and receivership will only minimally affect Raydan’s Alberta operations, the company announced. Going forward, Raydan Manufacturing will focus on manufacturing for current customers and expanding its customer base and developing new product lines.
“These avenues have historically proven to be the most profitable revenue generators for the company,” Raydan said.
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