Company owned by Vertex CEO files for bankruptcy

WILMINGTON, NC (WWAY) — The man who has promised to bring thousands of jobs to Wilmington recently filed bankruptcy for another of his companies.

Donald Croteau and Vertex Fab & Design, LLC, filed for Chapter 7 bankruptcy protection in Massachusetts May 5, according to federal bankruptcy court records.

Croteau is also the CEO of Vertex Rail Technologies, which has plans to open a factory at the old Terex plant on Raleigh Street in Wilmington. The company has plans to hire 1,300 employees. Croteau has said that number could double in its first couple of years based on demand for the rail cars Vertex will make.

Reached by phone today, Croteau said he bought full control of Vertex Fab & Design, which make vacuum containers and pressure vessels, back in 2012 to save it from bankruptcy. He said the company was already struggling and never could recover despite Croteau investing about $1 million to help turn things around. He says the bankruptcy has no no impact on Vertex Rail Technologies.