Post Tagged with: "Cool Springs Business Park"

Potential Buyer Looking at PTR Industries

April 28, 2016 7:16 AM
Potential Buyer Looking at PTR Industries

(Above Gov. Nikki Haley with a special edition assault rifle presented to her by PTR Industries}

A firm from New York state is reportedly looking at the possibility of buying PTR Industries, a deal that could save the company’s operations at Horry County’s Cool Springs Business Park.

PTR Industries was recruited to relocate from Connecticut to Horry County in 2013 by the Myrtle Beach Regional Development Corporation. This was touted as a major coup by MBREDC as Horry County was a successful bidder over several other states in landing PTR Industries.

A package that included an approximately $1 million upgrade of a county spec building at Cool Springs Business Park and incentive based job creation credits was put together by MBREDC and the SC Department of Commerce for PTR Industries.

The company brought approximately 21 workers with it from Connecticut and promised to create an additional 145 jobs in Horry County within three years.

PTR Industries commenced operations in Horry County in January 2014 and hired approximately 28 additional employees in the first months of its operations.

However, it quickly fell behind in its rent payments to Horry County for the Cool Springs Business Park building that is its headquarters and manufacturing location. One week after a Grand Opening celebration, in July 2014, that included appearances by Gov. Nikki Haley and local Congressman Tom Rice, PTR Industries laid off some workers and instituted a 10% across the board pay cut to those remaining.

Since then, PTR Industries has struggled. According to several sources, Horry County Council restructured its rent deal with PTR Industries last fall in order to help the company become current.

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PTR Industries – No More AvCraft’s

June 26, 2015 5:00 AM
PTR Industries – No More AvCraft’s

As PTR Industries struggles to become current with Horry County and other vendors, it is important Horry County Council remembers the lessons of AvCraft.

Having covered the AvCraft debacle from beginning to end, the issues with PTR Industries sound eerily familiar.

It will be one year ago next week that Gov. Nikki Haley and Rep. Tommy Rice visited PTR Industries to celebrate the one year anniversary of the announcement that the company planned to relocate to Horry County. Te dignitaries received special edition rifles to commemorate the occasion.

One week later, PTR Industries laid off workers.

In early July 2014, PTR Industries presented a check to Horry County during an executive session of Horry County Council that, reportedly, brought the company to within 45 days of being current on its rent at the county building it occupies at the Cool Springs Business Park.

One year later, it is being reported in local media that PTR Industries hasn’t paid rent to the county since March 23, 2015. In other words, we are back to at least 90 days in arrears.

Additionally, PTR Industries is in arrears to other vendors and, according to information from sources familiar with the company, is required to bring cashier’s checks, as often as weekly, to utility providers in order to keep the lights on.

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