Microelectronics company Endicott Interconnect Technologies Inc., which was spun off from International Business Machines Corp. (IBM) in 2002, filed for chapter 11 protection on Wednesday and plans to sell its assets, Dow Jones Newswires reported yesterday. In court documents, Endicott said that competition from foreign manufacturers and reduced federal spending as a result of sequestration have caused revenues to fall drastically since 2009. The Endicott, N.Y.-based company designs and produces printed circuit boards and advanced flip chip and wire bond semiconductor packages for clients that include IBM, Cisco Systems Inc., Northrop Grumman Corp. and the U.S. Department of Defense. Endicott Interconnect projects revenue in 2013 will be less than $100 million, compared to a high of $414 million in 2008, according to court documents.
