Delware Composite Metals Maker Shuts Most Operations, Lays Off 155

He said the materials manufactured by Lanxide combine the strengths of metals, primarily aluminum, and ceramics and have applications in dozens of industries and in the military.

``We are actively looking for investors and buyers who would rehire many of our employees,'' Rice said.

Lanxide ran out of operating money and terminated its 275 employees on Tuesday, as it was negotiating an asset sale of about one-third of its operations, Rice said.

By Wednesday, the prospective buyer, which Rice would not name, temporarily hired 120 of Lanxide's employees to keep its electronics and armor manufacturing operations running while the negotiations continue.

A new light-weight Lanxide armor plate was used by U.S. forces in Operation Desert Storm in Iraq in 1991 and is now shielding pilots and fuel tanks of U.S. Air Force planes in Bosnia, Rice said. ``It is the only light-weight material that can stop a bullet from a high-powered rifle,'' he said.

DuPont Lanxide Composites Inc., a joint venture operating at Lanxide's Marrows Road facility in Newark, and a small Lanxide subsidiary in Japan, Lanxide K.K., are not affected by the shutdown, Rice said.