IAC in administration
23rd December 2015
UK: Industrial Acoustics Company (IAC), the Hampshire-based manufacturer of duct attenuators and acoustic louvres, has entered administration.
Chad Griffin and Simon Kirkhope of FTI Consulting have been appointed administrators for the noise control company and over 100 people will lose their jobs.
Founded in 1949 in New York, IAC has its head office and factory in Winchester in the UK. The company was bought by private equity firm AEA Investors in 2012.
FTI Consulting told the Daily Echo that the company had been hit by cut backs in expenditure in its oil and gas exploration markets. A lack of funding and no potential buyers were the reasons for closure.
