Tredegar Corp. said Wednesday that its Bonnell Aluminum subsidiary will close its plant in Kentland, Ind.
The plant had been operating at a loss for the past several years, Tredegar said in a statement. The closure, expected to be completed by Sept. 30, will affect 146 employees.
Tredegar, a Richmond-based aluminum extrusion and plastics films manufacturer, will recognize shutdown charges of about $8 million, including a depreciation of fixed assets and severance-related charges.
“While the employees have made an exceptional effort to help weather the current construction recession, prospects for a significant recovery in Kentland’s core market, residential building and construction, now appear to be well into the future,” Duncan Crowdis, president of Bonnell Aluminum, said in a statement. “Eligible employees will be offered severance and outplacement services.”
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