PST closing?

[Double_D]

Im new to diving so i dont reallt understand all this DOT stuff. I just spent 800 dollars on two pst hp 120's am i going to have to eat them if the company goes out of business? Or am i misreading this thread? Man i hope im mis reading this! :11:

Welcome, and don't feel bad. This doesn't have anything to do with diving. It does involve your $800 though.

If the company can't get the money to move the factory soon (a few weeks) they won't renew the paperwork that lets them make the tanks.

If that happens, you can still own your tanks; you just won't be able to fill them, transport them or get their hydro renewed when it expires. They make lovely door stops.

Cheers

 

[Kestrell]

Just found this on the PST site...

Press Release

September 14, 2005
PST-Scuba to Relocate Production Facility & Extend D.O.T. Exemption for Steel Diving Cylinders


PST-Scuba announced today that the relocation of their production facility is well under way. Final movement of manufacturing equipment is scheduled for the First Quarter of 2006.

Both manufacturing facilities and administrative offices are being relocated to a City of Milwaukee location. Details of the move, including new address and other contact information, will be made public in the coming months.

PST-Scuba acknowledged that the relocation has taken longer than initially planned, in part due to the complexity of moving large equipment used to produce their highly popular E-Series steel diving cylinders. The Company apologized for interim production delays, which have caused a shortage in their diving cylinder supply.

PST-Scuba also reported that extension of their Department of Transportation (D.O.T.) Exemption 9791 is also in progress, with extension anticipated in January 2006. The Company fully expects their extension request will be approved by the D.O.T., well in advance of the January 2006 expiration date.

 

[dlndavid]

Great news, thanks for posting

 

[dlndavid]

Welcome, and don't feel bad. This doesn't have anything to do with diving. It does involve your $800 though.

If the company can't get the money to move the factory soon (a few weeks) they won't renew the paperwork that lets them make the tanks.

If that happens, you can still own your tanks; you just won't be able to fill them, transport them or get their hydro renewed when it expires. They make lovely door stops.

Cheers

Don't pay any attention to the man behind the curtain. :heks:

 

[Hoosier]

So, actually, PST tank price will be going up until they settle down at the new place...
I has been told that their tank price will be increased about 10% next year though...

 

[rainman_02]

Just found this on the PST site...

Press Release

September 14, 2005
PST-Scuba to Relocate Production Facility & Extend D.O.T. Exemption for Steel Diving Cylinders


PST-Scuba announced today that the relocation of their production facility is well under way. Final movement of manufacturing equipment is scheduled for the First Quarter of 2006.

Both manufacturing facilities and administrative offices are being relocated to a City of Milwaukee location. Details of the move, including new address and other contact information, will be made public in the coming months.

PST-Scuba acknowledged that the relocation has taken longer than initially planned, in part due to the complexity of moving large equipment used to produce their highly popular E-Series steel diving cylinders. The Company apologized for interim production delays, which have caused a shortage in their diving cylinder supply.

PST-Scuba also reported that extension of their Department of Transportation (D.O.T.) Exemption 9791 is also in progress, with extension anticipated in January 2006. The Company fully expects their extension request will be approved by the D.O.T., well in advance of the January 2006 expiration date.

I contacted PST last night based on the info here, and I guess they realized what was happening and put together their PR.

Looks like I'll be buying two E7-100s tonight in good faith. (crosses fingers)

 

[Rick Murchison]

Which means we should hear from them in about 6 months. Make that 12 months. Maybe 18 months.

Well, I reckon we hit 'em with enough emails and voiced enough concern that we got their attention. Note the date on the press release.
Rick

 

[royalediver]

My original question still stands. In the article on MSNBC, PST states it is laying off 37 persons, the staff is currently "less than 50" and further in the article they "could add 50 new jobs" if they move.

Which is it?

Are they just blowing smoke to feed at the tax dollar trough or are they closing?

Read the article at http://msnbc.msn.com/id/9307791/

 

[bradshsi]

Well, I reckon we hit 'em with enough emails and voiced enough concern that we got their attention. Note the date on the press release.
Rick

My thanks to Uncle Ricky and the mighty power of the Intenet for waking up PST.

Let's hope they follow through on their relocation plan.

 

[SDAnderson]

My original question still stands. In the article on MSNBC, PST states it is laying off 37 persons, the staff is currently "less than 50" and further in the article they "could add 50 new jobs" if they move.

Which is it?

Are they just blowing smoke to feed at the tax dollar trough or are they closing?

Read the article at http://msnbc.msn.com/id/9307791/

Maybe neither. The city wanted the land that PST was on for a development project and had been after them for many years to relocate. When the city and PST were unable to come to a mutually acceptable financial agreement, the city condemned the property, effectively forcing PST to move.

Though the company was paid a sum for the land and given some cash and tax benefits to assist the move, everyone involved (the state, the city and PST) all agree that it wasn't enough to get the job done. PST has been unable to secure the additional money needed and that is the crux of the current problem.

If they get the financing (from either governmental or non-governmental sources) they will be able to complete the move and expand their operations, which will mean they need more people. If they don't get the financing, they won't be able to complete the move and will have to dramatically reduce operations to conserve cash, which means they will need less people.

Most states require employers of more than XX workers to file notice if they intend to lay off a substantial number of those workers. The intention of laws like this is to give the state a chance to intervene and see if the layoffs can be prevented. Thus, PST isn't "blowing smoke" but probably fulfilling a legal requirement to provide notice of a possible layoff. Now the state gets involved and may be able to help arrange the needed funding, allowing the company to continue it's current business plan to move and grow.

It's complex and there aren't necessarily any bad guys involved in the process - just competing priorities and needs.