A corporate restructuring is continuing to ripple through Textron Inc., with Textron Fastening Systems set to close five businesses, including an injection molding facility.
Elco Thermoplastics Inc., part of Textron Fastening Systems' Automotive Solutions group, will begin laying off its 430 employees at Mishawaka, Ind., in April and close during the summer.
Troy, Mich.-based Textron Fastening Systems notified both officials in Mishawaka and employees of the planned closure Jan. 26.
Also slated to close this year are metal-forming operations in Elk Creek, Va.; Brooklyn, Mich.; and two sites in Detroit.
Lewis B. Campbell, chairman and chief executive officer for Textron Inc. of Providence, R.I., warned Jan. 23 that the company planned a series of cutbacks for most divisions, including Fastening Systems. The entire corporation will drop 3,600 jobs.
The division had its fourth-quarter sales fall 9 percent from the previous year, to $487 million, the result of lower sales in the North American auto industry, he said.
The unit had to begin cutting back and integrating other operations that it has purchased during the past half-decade, he said.
"Textron Fastening Systems is modernizing and consolidating manufacturing facilities and processes, rationalizing product lines, divesting noncore units outsourcing noncore production and streamlining sales and administrative overhead to drive efficiencies," the company said in announcing the closings.
Elco Thermoplastics molds a variety of parts for the auto industry, including under-the-hood reservoirs and interior components.
It is the second-largest manufacturing employer in Mishawaka, according to Jeff Rae, economic development director for the city.
"It's tough for us," he said. "We've really come to rely a lot on the smaller manufacturers with 500 or fewer jobs over the past few years."
The announcement came just one week after Fastening Systems announced another pending closure, an injection molding facility in Naples, Fla., with 75 employees. That plant is set to close in March.