Erie, Pa ( WJET/WFXP ) — An Erie-based precision machining company focusing on industries on Earth and in space has filed for Chapter 11 bankruptcy protection.
Merit Tool Company filed for bankruptcy Friday evening. In the filing, the company says it currently has anywhere from $0 to $50,000 in assets and owes $1 million to $10 million to 1-49 creditors.
Merit Tool Company, located at 2008 West 16th Street, specializes in high-precision parts for several industries, including space travel, defense, energy, aerospace, medical, transportation, and sea. Merit is an AS9100-certified company. Administered by the International Aerospace Quality Group , the AS9100 certification is the standard for organizations that design, develop, and provide products and services for the aviation, space, and defense industries.
Merit was founded in 1966 in a garage by a group of five partners. The guiding principles helped form the name: M anufacturing with E xcellence, R eliability, I nnovation and T echnology.