2020 YEAR IN REVIEW: Factory set for closure

The 102-year-old Diamond Chain plant at 402 Kentucky Ave. will close in two to three years, ending local employment for 240 people at the facility, the company’s new owner said in February.

Diamond Chain, which makes high-performance roller chains for industrial uses at the downtown facility, was acquired in April 2019 for $84 million by Timken Co., a much larger company based in northeastern Ohio.

Company spokesman Scott Schroeder told IBJ that Timken will move the Indianapolis operations to its facility in Fulton, Illinois, establishing the northwestern Illinois site as the headquarters for Timken’s global chain business.

“Since acquiring Diamond Chain last year, we’ve been carefully evaluating how to best integrate the business,” Schroeder said in an email.

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