Steel Parts Manufacturing Inc. says it plans to close its plant in Tipton, ending employment for 173 workers.
The company, which manufactures precision components for transmissions in the automotive and heavy-duty markets, notified the Indiana Department of Workforce Development on Monday that the closure and layoffs will begin Feb. 28 and end by March 14.
Steel Parts, which operates in a 185,000-square-foot facility at 801 Berryman Pike, said it has been unsuccessful in reaching an agreement with U.S. Steel International Union Local 3875 to avert the closure.
A union representative did not return a phone call seeking comment Thursday morning. A Steel Parts official could not be immediately reached for comment.
Monomoy Capital Partners LP, a New York private equity fund, acquired the stock of Steel Parts in April 2011 from Resilience Capital Partners for an undisclosed price.