TAMPA, Fla. — Jeff Riggs has retired as chief executive of Spectrum AMT, a Colorado-based circuit board manufacturer he co-founded 25 years ago with a growing business in the space industry.
Former COO Jeff Gilbert took over the helm of the company after Riggs left following a 40-year career in electronics, Spectrum AMT (Advanced Manufacturing Technologies) announced on Aug. 15.
Spectrum AMT began as a medical device specialist and then expanded into the production of electronic systems for the spaceflight, deep space, aerospace and military sectors, which have provided much of its revenue growth in recent years.
The manufacturer has contributed to space programs such as the Space Shuttle, the Hubble Space Telescope and the International Space Station.
In February 2023, Spectrum AMT was sold to Ocutrx Technologies, a California medical manufacturing company focused on augmented reality and other 3D visualization tools.
Spectrum AMT, a privately held company that does not disclose revenue, aims to achieve year-over-year growth of more than 40% following the acquisition.
Michael Freeman, CEO of Spectrum AMT, said the manufacturer recently added two buildings to its Colorado Springs campus and is considering a third to accommodate facility growth.
The company has more than 80 employees and announced in April that it will receive up to $1.3 million in state incentives to add more than 100 new jobs in Colorado Springs.
According to Freeman, the company currently generates 30 to 40 percent of its revenue from space and expects that figure to soon grow to 50 to 60 percent thanks to strong government and commercial demand.
While he said AMT Space will remain true to its core competencies and vision following Riggs' retirement, the company is in an “expansion mode” as it adds several new software systems to improve automation and workflow management.
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