WEXFORD, Pa., April 27, 2015 /PRNewswire/ -- PTC Alliance Corp. ("PTC Alliance") announced today that the Chapter 11 bankruptcy filing of PTC Seamless ("Seamless") will have no impact on PTC Alliance's operations, customers, vendors or employees.
Both companies are owned by PTC Group Holdings. PTC Alliance is the leading global producer of Drawn Over Mandrel steel tubing and related products and operates eight facilities across the Midwest. Seamless is a steel tubing mill construction project geared toward the oil and gas market. PTC Alliance operations are completely separate from those of Seamless, and the two companies are different corporate entities.
"PTC Alliance remains profitable, stable and healthy," said Peter Whiting, CEO of PTC Group Holdings. "PTC Alliance is a separate corporate entity from Seamless and as such will continue uninterrupted in the normal course of business despite this filing by Seamless."
Cary Hart, president of PTC Alliance, emphasized, "PTC Alliance's customers will not experience any delays in delivery. Our vendors will continue to be paid in normal course, and we continue to order and receive steel for our plants as usual. Employees, vendors and customers will not see any changes in how we operate – it's simply business as usual."
Hart added, "We are very pleased with the support we continue to enjoy from our investors, lenders and the financial community. The core business of PTC Alliance is seeing a strengthening order book with key customers and has recently received important new pieces of business for programs starting later this year. Although the steel industry has recently experienced some pricing pressures, our end customers are operating as usual to fulfill their existing demand and are optimistic about ongoing growth."
SOURCE PTC Alliance Corp.