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Tipton manufacturer with 173 workers says its closing

 IBJ Staff
January 3, 2013
Keywords
Auto Industry, Factories, Manufacturers, Manufacturing & Technology, Regional News, Suppliers
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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
    AndreaJanuary 4, 2013 2:00 PM
    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!
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  • Another view
    racpainJanuary 4, 2013 12:15 PM
    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.
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  • Love VC's
    TerryJanuary 4, 2013 7:58 AM
    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.
    Reply to CommentFlag Comment
  • Closure
    FletchmonJanuary 3, 2013 4:56 PM
    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.
    Reply to CommentFlag Comment
  • another vulture capital...
    philJanuary 3, 2013 1:52 PM
    ...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
    Reply to CommentFlag Comment

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  1. liek the rest of America

  2. These quaint,obsessed musings by the stalkers are certainly entertaining, but I'm trying to figure out what, if anything, all the yelping below has to do with Zak Brown.

  3. It's evident that Moffett was pushing the right buttons and corporate America is now trying to squash him. He just wanted to withdraw the free pilot services provided to the company by the pilots to try and put some pressure on a company that has not been interested in negotiating a contract in over 5 years. The company does not provide a contract because not having one has saved them a bundle of money. Shame on any Republic pilots not standing behind their union leader just because things are getting tough, can you not see such strategic moves by the company as putting the last union president in a corporate position and into THEIR pocket. Do you really believe the last union president is so appalled at the attempts by Moffett, do you not remember his oppositions to the company? We stood behind him. It has been proven over and over again for thousands of years without fail, a man cannot serve two masters. Anyone that believes people vote contrary to their paycheck and livelihood deserve to be taken advantage of, the recent statements by the former union president are laughable as he denounces the current union president from his new corporate position. Have you ever seen a drafted sports player score points for his previous team, it cannot be done, he is not on the pilots side anymore, he gets his money a different way now than you and I do, and he should not be allowed to remain on the seniority list. A drafted player brings strength, credibility, tactical knowledge, and a strategic advantage to his NEW team, he would not be drafted or paid were it otherwise. We are all forced to choose only one side to play for and support, not doing so has many references in life such as insider trading and shaving points, all illegal for good reason. This basic fact is why corporate moguls, scientist, and engineers all sign non-discloser agreements and non-compete clauses, as protection in case they are lured into switching sides as our former union president has done. No NFL coach ever drafted a player so that both teams could benefit and better understand each other, they are recruited to win the game against that former team, period. Likewise the company does not recruit the former union president by accident or mutual understanding, its strategy. Don't confuse playing the game with good sportsman-like conduct in support of common business and prosperity goals, with the requirement to only play for one side. Good men we all love and favor fall subject to this manipulation, often without their knowledge, and it is not a betrayal of their friendship to oppose them when they switch sides. If we did not love and trust them, they would not have been chosen and lured to the other side in the first place. The deception by the drafted player is not made at a conscious level, it's just human nature and it's all about money and power which corrupts our ability to be objective and loyal to two masters. This is why our court system created the defense attorney, and why our military created counter intelligence. Its strategy and its propaganda, and it works, and that's why the "powers to be" manipulate the chess pieces by sometimes changing their colors. Some players know they are being manipulated when their color is changed, but it brings them more money and power so they do not care. The rest have good intentions but do not even realize they are being manipulated. This tactic is also known by another name, Divide and Conquer. In battle sending an imperfect message with an imperfect team is obviously not ideal, but it's still being sent by YOUR team, your union leader, a leader that has common goals and common rewards with you, they are the best, because we have elected them to do a job for us. If you are not backing Moffett but believing the spin by those that have recently switched sides, you are taking food out of your own mouth. Showing unity and backing an imperfect situation still results in taking just as much ground, it's about unity and bargaining power. It's not necessary to wait around for that perfect attack because it will never come, the company will spin and attempt to destroy anyone that gets in their way. Ultimately it's not about any specific attack anyway, ASAP or whatever it makes no difference, it is and always has been only about power. If this company cared about safety it would not build pairings with 8 hour overnights, come on, are you that naive? Besides, do you really think Hoffa cares, no, he got a call from corporate America and was squeezed into denouncing Moffett. If he didn't they would spin the safety card against him and the Teamsters National with implication for truckers, future contracts, insurance rates etc...saying something like the Teamsters use safety as a bargaining chip, blah blah blah... Do you really think any pilot is going to do something unsafe for the contract, absolutely not, the only ones threatening safety here is the company with reduced rest, fatigue, and poverty. Do you not find it odd that Hoffa and the Teamsters are opposing a Teamster president publicly? Would the Teamsters National not normally support and work with one of their own? Why did they not sit down and help him strategize, correct any mistakes, and charge ahead? Would the Teamsters National not normally support and leverage a contract for all those pilots that have been paying Teamster dues, isn't that why we have all been paying Teamster dues in the first place? I sure haven't been paying dues so that the Teamsters National could come along and write this kind of an article undercutting our union leader and our unity. Whose side is the Teamsters National really on, it's obviously not the Republic pilots side.

  4. No matter what Moffatt does the company is going to spin it like he is the terrorist and brainwash people like you into believing it, wake up, back your players that are trying to change things for you and your livelihood. Where has Hoffa been for the last 6 years, except collecting our dues. Seriously, do you really think an FO going for upgrade, signed off by a checkairman ready for the upgrade, who then fails, is not even capable of returning as a First Officer.

  5. whoa!

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