The entity had been hit by the global economic crisis and subsequently scaled down its operations; the posts of a number of employees were made redundant last year as a result.
According to an advertisement which appeared in the daily newspapers, prime commercial land and buildings which sit at Lots 35, 32 and 21 at Ruimveldt on 97,967 square feet of land are up for sale, and can be used either as a going concern, i.e. the entity could be sold as a wood working factory with a full complement of modern high production machinery or for a variety of commercial uses.
Last April, Stabroek News had reported that the once-thriving furniture establishment sent home its workers after being hit hard by the effects of the global financial crisis.
A senior Precision Woodworking Limited official subsequently stated that the company had not shut down but it that is was in the process of “restructuring”.
He, noted, however, that due to being hit hard by the global financial crisis, Precision would have had to send workers home. “We don’t have any production going through the facility so we were forced to send the staff home”, he told this newspaper at the time.
The senior official said that due to the crisis the company lost a lot of orders and they did not have anything for the workers to make.
He said that while the staff was sent home, the office was still open and persons “could walk in the factory and order with us”.
“We are in the process of restructuring the company”, he added. According to its website, Precision was founded in Guyana in 1983 to manufacture and export high quality furniture for the European market.
Following an impressive track record, in 2001 the company received the Ernst & Young Caribbean Entrepre-neur of the Year award for its export achievements.
