The company put the property on the market in July and has yet to find a taker. Plymouth, MI-based Metaldyne is a wholly-owned subsidiary of Asahi Tec of Japan. "After several months we were not able to find a buyer for the Niles plant and given the lower industry volumes we now need to accelerate the closure of the operation," says Thomas Amato, Metaldyne chairman and CEO and co-CEO of Asahi Tec, in a statement. "This action is in line with our product and cost streamlining efforts."
The closing of the Niles plant is one of several steps Metaldyne has taken this year to improve cash flow and reduce costs. The company has also announced plans to close Chassis facilities in Farmington Hills, MI, and Greenville, NC, and an administrative office in Plymouth. Metaldyne has annual revenues of around $1.8 billion, and employs more than 5,600 employees at 33 facilities across 14 countries.
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