More than 60 people will be out of a job when a Manitowoc manufacturer closes after six decades of operation in the city.
Groz-Beckert Group, the parent company of Foster Needle, says it plans to close the Manitowoc plant by the end of June 2017. Plans call for manufacturing to end on July 31, with the company completely shut down next June 30.
Foster Needle makes needles for felt products.
A Groz-Beckert news release says competition has intensified and the market growth dropped significantly in recent years.
Groz-Beckert says 52 employees will be affected by the shutdown next month. They will continue to receive regular pay and benefits until July 31 and will be offered severance packages.
Between July and December, 10 more people will lose their jobs; they will also be offered severance packages. Two more employees will be kept on for part of 2017.
WTAQ
