Tecomet this week said it’s planning to close a pair of plants it acquired along with Symmetry Medical‘s (NYSE:SMA) OEM business last year, putting some 319 employees out of work.
Wilmington, Mass.-based Tecomet plans to close a plant in Avilla, Ind., that employs 129, and another in New Bedford, Mass., the company told workforce development officials in the 2 states.
Tecomet will begin the layoffs in Indiana June 15 and proceed in 3 waves ending Dec. 30, according to a March 30 Worker Adjustment & Retraining Notice filed with Indiana’s Dept. of Workforce Development.
In Massachusetts the shutdown is slated for 4 waves beginning June 15 and ending March 30, 2016, Tecomet said in a March 30 WARN notice to the Mass. Dept. of Career Services.
Tecomet said the decision to shutter the plants came after “careful deliberation and review of the current financial performance, capabilities, space and machine capacity utilization.”
“By transferring the work from the 2 facilities to other Tecomet manufacturing locations, we believe we can improve quality, delivery times, profitability and overall value to our customers,” the company wrote in the Mass. WARN notice. “Although we expect the results of the decision will be positive for out customers and the company, the decision was not made lightly as we know it will mean that we must part ways with the majority of our valued employees in this location.”
Tecomet, which was acquired by Genstar Capital early last year for an undisclosed amount, paid $450 million to acquire Symmetry’s OEM business last year.
