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Tipton manufacturer with 173 workers says its closing

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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.

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  • Factory
    We also need to remember that steelparts has been there for what about 59 or 60 and provided jobs for a lot of people! My family has always worked there and retired from there! If it is needed by big 3 they need to come and help! Don't let another company go out we can't afford it! My mom works there for about 24 yrs and she needs her job and benefits! We don't need more on welfare line and these people want to work!
  • Another view
    Why had the business been sold to VC's in the first place. Apparently when the previous management (pre-VC's)could not make enough profit to keep it out of the hands of the VC's because the profit level was not high enough to cover the employee benefits (management & union workers) it was sold to the first VC. I blame the management for letting the costs get to the point where the profit was not there to avoid a sale to the "vultures". Maybe the management should have taken a strike to get the point across that the company isn't a endless ATM machine for the employees. Possibly by doing that it may have been able to survive without the VC's. Maybe that question should be asked.
  • Love VC's
    We heard all about the paper games created by venture capital firms during the recent election campaigns. A Venture Capital Partnership buys control of a company, either directly or from another VC Fund, writes off millions of dollars for tax purposes, then closes the firm and either moves the operation offshore, or better yet, sells the firms production equipment and expertise to a company in China. It is easy to blame the unions for this one, forgetting to check to see if "management" (code word for VC's) proposed a cut in pay and benefits if the employees wanted to keep their jobs. Sooner or later, state and federal agencies are going to realize that this scam, and a scam it really is, is nothing more than a tax dodge by Venture Capital Partnerships, with payments for equipment received at an offshore bank. So much for taking care of small business operations.
  • Closure
    It will be interesting to see how this shows up (if it does) on the IEDC reporting when Mike Delph and the IN legislature review all the Daniels/IEDC track record. Maybe Mitch says IN leads in job creation (I doubt his word) but it also ranks high in job losses.
  • another vulture capital...
    ...fail, looks like after being run (into the ground) by 2 different VC firms (who already stole their $$$) they're now trying to blame the workers, a play righ out of Willard Rmoney's handbook

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  1. Why not take some time to do some research before traveling to that Indiana town or city, and find the ones that are no smoking either inside, or have a patio? People like yourself are just being selfish, and unnecessarily trying to take away all indoor venues that smokers can enjoy themselves at. Last time I checked, it is still a free country, and businesses do respond to market pressure and will ban smoking, if there's enough demand by customers for it(i.e. Linebacker Lounge in South Bend, and Rack and Helen's in New Haven, IN, outside of Fort Wayne). Indiana law already unnecessarily forced restaurants with a bar area to be no smoking, so why not support those restaurants that were forced to ban smoking against their will? Also, I'm always surprised at the number of bars that chose to ban smoking on their own, in non-ban parts of Indiana I'll sometimes travel into. Whiting, IN(just southeast of Chicago) has at least a few bars that went no smoking on their own accord, and despite no selfish government ban forcing those bars to make that move against their will! I'd much rather have a balance of both smoking and non-smoking bars, rather than a complete bar smoking ban that'll only force more bars to close their doors. And besides IMO, there are much worser things to worry about, than cigarette smoke inside a bar. If you feel a bar is too smoky, then simply walk out and take your business to a different bar!

  2. As other states are realizing the harm in jailing offenders of marijuana...Indiana steps backwards into the script of Reefer Madness. Well...you guys voted for your Gov...up to you to vote him out. Signed, Citizen of Florida...the next state to have medical marijuana.

  3. It's empowering for this niche community to know that they have an advocate on their side in case things go awry. http://www.youtube.com/watch?v=Lrst9VXVKfE

  4. Apparently the settlement over Angie's List "bundling" charges hasn't stopped the practice! My membership is up for renewal, and I'm on my third email trying to get a "basic" membership rather than the "bundled" version they're trying to charge me for. Frustrating!!

  5. Well....as a vendor to both of these builders I guess I have the right to comment. Davis closed his doors with integrity.He paid me every penny he owed me. Estridge,STILL owes me thousands and thousands of dollars. The last few years of my life have been spent working 2 jobs, paying off the suppliers I used to work on Estridge jobs and just struggling to survive. Shame on you Paul...and shame on you IBJ! Maybe you should have contacted the hundreds of vendors that Paul stiffed. I'm sure your "rises from the ashes" spin on reporting would have contained true stories of real people who have struggled to find work and pay of their debts (something that Paul didn't even attempt to do).

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