An Indianapolis plant that makes equipment to spray polyurethane on boats, water towers and other objects will close by the end of the year, its new owner says.
Fifty-five workers will lose their jobs at the northwest-side GlasCraft plant, which was owned by Indianapolis-based Cohesant Technologies Inc. until the company was acquired in December by Graco Inc. of Minneapolis.
Following the $35 million acquisition, Graco kept Cohesant’s GlasCraft unit and spun off the rest as a publicly traded company called Cohesant Inc. Cohesant Inc. is headquartered in the Cleveland suburb of Beachwood.
Functions of the GlassCraft plant will be moved to other Graco facilities, said Mark Sheahan, vice president of Graco’s fluid technologies division.
About 15 of the 70 workers will continue work remotely or move to other Graco locations.
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