Struggling South Carolina company 3D Systems Inc. is preparing to close its facility in Andover and lay off around 80 to 85 workers there, according to a federal filing by the firm.
The Andover office of the 3D printing company, which reportedly includes members of various engineering and software teams, will be permanently closed by June 30. The move was detailed in an October letter the company sent to state regulators, a requirement under the federal Worker Adjustment and Retraining Notification Act, or WARN.
According to the letter, the phased layoffs will begin by the end of February. “This closure is the result of a strategic decision to consolidate operations, among other things,” a company executive wrote in the filing. “3D Systems Inc. will be helping Andover employees during this transition, including offering relocation options as available.”
In an e-mail to the Globe, Timothy W. Miller, the company’s director of corporate communications and public relations, said 3D Systems will close the Andover plant by mid-2016 and has offered to relocate many of its employees to other facilities.
“That decision is part of our ongoing effort to consolidate some of our manufacturing and R&D activities,” Miller wrote.
Founded in 1986 by the inventor of a key 3D printing technology, the company snapped up dozens of smaller firms and become one of the largest players in the much-hyped 3D printing industry.
But after peaking at more than $96 a share in January 2014, 3D Systems’ stock plunged precipitously, and was trading at less than $9 a share on the New York Stock Exchange Wednesday.
The past year has been an especially turbulent one for 3D Systems. Longtime leader Avi Reichental stepped down as chief executive and president in October. Soon after, 3D Systems announced dismal third-quarter results: Revenue declined 9 percent over the same quarter last year, and the company lost $32.2 million.
“We are disappointed with our overall results and the lower revenue from our 3D printing products and services, which we believe were negatively impacted by continued challenging market conditions that extended customers’ capital investment cycles and reduced demand across all geographies,” said Andrew Johnson, the company’s interim chief executive, in a statement at the time.