Crawfordsville-based auto parts maker Friction Holdings LLC announced today that it will stop operating in February, throwing 461 employees out of jobs in the city northwest of Indianapolis and another 171 at a plant it operates in Mississippi.
The company said it lost a large chunk of business, and couldn't cut costs enough to compensate. Nor could it land a buyer.
Friction Holdings makes parts for transmissions and brakes for cars, heavy trucks, farm machinery and other vehicles. Among its customers are Caterpillar, John Deere, Chrysler, Ford and Komatsu.