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by: Alex Brown, Inside INdiana Business
Posted: / Update:
INDIANAPOLIS (Inside INdiana Business) – The Timken Co. (NYSE: TKR), based in Ohio, details plans to begin layoffs at the Diamond Chain Co. manufacturing plant in downtown Indianapolis. In a notice to state, the company says nearly 150 workers will be made redundant, with the first layoffs starting at the end of November.
In February 2020, Timken announced plans to shut down the facility by 2023, with around 240 workers ultimately affected. The company is moving its operations to its factory in Illinois, which is home to the headquarters of its global chain.
The closure of the Indy plant is expected to be permanent. Timken says the first group of 14 workers to be made redundant has been notified and that additional layoffs will take place “if business conditions permit.”
The Co. was acquired by Timken in April 2019. The company manufactures roller chains used in a variety of industries including automotive, agriculture and industrial manufacturing. According to its website, the company’s products were used in the Wright Brothers’ first flying machine and Henry Ford’s first automobile.
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