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Sym-Tek Systems Inc. in Rancho Bernardo filed for Chapter 11 bankruptcy protection and laid off 100 of its 180 employees last week after its announced merger with a Minnesota-based manufacturer was called off.
The financially troubled Sym-Tek, which manufactures semiconductor testing equipment, said in late April it would merge with Micro Component Technology Inc. (MCTI) through a stock swap.
But, during the week of May 15, the deal was called off by mutual agreement, said Ray Twigg, Sym-Tek founder and CEO.
Pending the merger of the two companies, MCTI had been providing operating funds to Sym-Tek since January....