Post Tagged with: "PTR Industries"

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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County Council Mistake on MBREDC

September 13, 2015 5:33 AM
County Council Mistake on MBREDC

Horry County Council is about to make another mistake with regard to the MBREDC.

Council will vote Tuesday night on extending its funding contract to the Myrtle Beach Regional Economic Development Corporation for another year. This would commit the county to three more years of funding from the current two.

County council should not have agreed to a new two-year contract when considering its budget for the current fiscal year. It is making a terrible mistake extending the contract.

The excuse is a new executive director for the MBREDC, for which there is a search currently ongoing, will want a three-year contract to agree to a deal.

But, with the history of the MBREDC, not only in its current iteration, but also in all the ones that came before, county council would do better if it burned $1.1 million in the parking lot of the government center as give this agency another dime!

What it is doing here is giving away tax dollars to an agency whose only goal is to give away more tax dollars to bribe companies to relocate to Horry County.

And, it doesn’t do that well!

All we have to do is remember AvCraft, Project Blue, Ithaca Gun Company and PTR Industries to see how woeful has been the performance of MBREDC.

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MBREDC Smart Economic Planning or Insanity

August 2, 2015 5:00 AM
MBREDC Smart Economic Planning or Insanity

On July 7, 2015, the Horry County Council approved another 2-year $2.6 million contract with the MBREDC (Myrtle Beach Regional Economic Development Corporation.)

This action is probably very confusing for anyone who has followed the progress of the MBREDC over the years.

Have Horry County taxpayers received a proper return on the $1.3 million given annually to the MBRDC during the past 5 years? Certainly any prudent investor would ask about an expected return on investment before committing funds to a corporation, whether a quasi-public/private or solely private one. There is only one measure of success when it comes to investing your (the taxpayers) money and that is the return on investment. In this case the return would be measured in number of residents who got jobs per tax dollars spent.

Unfortunately (for my peace of mind and confidence in our County Council) I did some basic math. The MBREDC receives $1.3 million annually from Horry County taxpayers. The former MBREDC President Brad Lofton had announced 1,500 jobs were created by the MBREDC in Horry County during his 3 years running the agency. Oops – but it appears that half of those jobs have not been filled. Let’s do some easy math; 750 jobs at $1.3M X 3 years of taxpayer money = $5,200 per job. Oops, forgot to subtract the money owed to the county by the current occupant of the Cool Springs Business Park (paid for by taxpayer $). PTR owes $73,000 in back rent as of June. Is it now logical to add $73,000 / 3 = $24,333 to the cost per job? Well probably not, but you get the drift.

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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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Star Tek Loses Contract, Is Horry Job Creation Impacted?

October 2, 2014 5:47 PM
Star Tek Loses Contract, Is Horry Job Creation Impacted?

Another of the Myrtle Beach Regional Economic Development Corporation’s supposed star job catches appears to be experiencing difficulties, according to sources familiar with recent developments at Star Tek.

A customer service call center, Star Tek was expected to create approximately 665 new jobs in Horry County over a three year period.

However, according to several sources familiar with recent developments, current Star Tek employees received an email last evening saying Star Tek had lost its contract with Direct TV and all current employees were to report to Human Relations today for interviews.

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