Aldan Industries closes; sells technology, equipment to Archer Rubber

MILFORD, Mass. (June 7)—Financially troubled Aldan Industries Inc. shut its doors April 1, as an attempt by new management to bring the longtime rubber-coated fabric maker out of Chapter 11 ultimately failed. Though Aldan's Philadelphia-area corporate offices and factory are closed, some of the company's product lines and equipment were purchased by Milford-based Archer Rubber Co. The Aldan Acquisition Corp. had bought Aldan's assets in January 2001, one year after the company filed for Chapter 11 bankruptcy protection. The firm at the time made many changes, including moving to new executive offices and a factory outside of Philadelphia, eliminating its unionized workforce and buying several pieces of new equipment. But an Aldan employee contacted June 5 said the company folded two months ago, having had a difficult time financially going well back into 2001.