Bloomington limestone firm to close, lay off 166

February 25, 2014

An 88-year-old Indiana company that supplied limestone to many of the country’s most important buildings is going out of business, putting 166 employees out of work.

Bloomington-based Indiana Limestone Co. Inc. notified the Indiana Department of Workforce Development that it would close “its entire operations and permanently lay off its entire workforce as the result of pending bankruptcy proceedings and the possible sale of the assets of the company.”

The notice, dated Feb. 21, was posted online by the state Monday.

ILC is the largest limestone quarry company and fabricator in North America, according to its website. Over the years it has supplied limestone for the construction of numerous landmark buildings, including the Empire State Building, Pentagon and the National Cathedral, as well as 35 state capitol buildings.

The company said the closing will take place during a 14-day period ending May 11 and involve employees in Bloomington and nearby Oolitic.

About half of the employees are represented by one of four unions: the Laborers International Union of North America, the International Brotherhood of Carpenters and Joiners of America, the International Association of Machinists and Aerospace Workers, and the Journeymen Stonecutters Association of Indiana.

Resilience Capital Partners, a private equity firm based in Cleveland, acquired ILC from Columbus-based Johnson Ventures in 2010 for an undisclosed amount.

Resilience merged the company with Victor Oolitic Stone Co., which it acquired in 2009. The company has struggled with debt since the merger and owes creditors tens of millions of dollars.
 

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