Altair to move from Reno to Indiana; board votes to replace top executive

After years of financial losses, Altair Nanotechnologies Inc. is moving its headquarters from Reno.

Altair's board, meanwhile, replaced its president and chief executive officer last week, citing a need to position the company for global expansion.

The publicly held company plans to close its offices and manufacturing facility in Reno late this year. It will move its headquarters and a portion of its manufacturing to Anderson, Ind.

Altair executives said they plan to move much of the company's lithium titanate manufacturing capacity to China, assuming that Altair can nail down agreements with local governments in China.

In mid-2011, a Chinese company, Canon Investment Holdings Ltd., acquired a majority interest in Altair.

Altair didn't disclose how many employees would be affected by the move. In a recent filing with the Securities and Exchange Commission, Altair said it employed a total of 82 in Reno and Indiana.

Among those out of a job immediately is Frank Gibbard, who had been Altair's president and CEO since September.

To succeed him, Altair's board last week named Chinese businessman Liming Zou as president and electric-car maker Alexander Lee as CEO. Lee also serves as CEO of Phoenix Cars LLC, developer of electric vehicles.

In a statement, Altair's board said Lee will focus on the company's U.S. operations while Zou will lead expansion in China.

The company, which worked to develop products for markets ranging from healthcare to electric vehicles, has lost money every year it's been in operation. Last year, it posted a loss of $19.9 million.

It said consolidation of its operations in Indiana would reduce costs and improve efficiency.

It owns its 85,000-square-foot facility at 204 Edison Way. It leases about 70,000 square feet in Indiana.

Mike Kazmierski, president and chief executive of the Economic Development Authority of Western Nevada, said EDAWN staff members hope to visit with Altair executives to learn more.

He noted that EDAWN is moving aggressively to retain existing employers.