SatCon's long month
Bad news came fast and furious from SatCon Technology Corp. last month as it announced it would close its 65,000-square foot Worcester factory as part of a "streamlining" maneuver.
The 7 Coppage Drive plant is scheduled close sometime before the end of the year. An "available" sign is posted on its front lawn. No plans have been announced for the 30 to 40 employees there.Three weeks earlier, the Boston-based company announced Nasdaq was threatening to delist it because its assets were too low (see related story, cover). By the end of the month, SatCon had announced the closing, as well as plans to change its fiscal year to mirror the calendar year. Companies typically realign fiscal years to reflect a fourth quarter where inventories are lowest, and receivables highest.
SatCon says it would bring the company’s reporting period more in line with its competitors, although it did not specify who they are.
It hasn’t been all bad news for SatCon, which makes equipment for renewable energy products. September brought announcements trumpeting a $250,000 contract to build power distribution equipment for the Navy, a new line of devices to regulate power in aerospace and military equipment, and an all-time high order backlog worth $33 million.
Still, a delisting notice is considered an omen of troubles to come. As of press time, SatCon had yet to announce a plan to regain Nasdaq compliance. Spokesman Gary Brandt declined to return repeated messages left seeking comment.
SatCon also operates a factory in Marlboro.
Kenneth J. St. Onge can be reached at kstonge@wbjournal.com
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