A Franklin metal-tube factory with 39 employees plans to close early next year, less than five years after the $2 million plant opened.
Daniel H. Brown, CEO of Precision Cutoff of Indiana LLC, told the Indiana Department of Workforce Development last week that the operation is “not a viable business.”
Precision Cutoff, based in Toledo, opened the 110,000-square-foot plant in the former ArvinMeritor complex on Hurricane Street in 2008 with plans to hire at least 47 workers making an average wage of nearly $16 per hour.
The Indiana Economic Development Corp. offered $35,000 in performance-based tax credits and $29,500 in training grants to the company. The city of Franklin offered property-tax breaks.
The company cuts and fabricates metal tubes and bars. It is a subsidiary of Holland, Ohio-based Woodsage Industries LLC.
Precision fell short of its hiring goals. Most of the remaining employees are temporary workers.
Brown said the company will lay off 23 temporary workers by Nov. 21, when the majority of production shuts down. Eleven full-time workers will lose their jobs by Dec. 21. Doors will close for good on Jan. 31.