Alcoa to Close Ohio Auto Parts Plant, Lay Off 140 - aftermarketNews

Alcoa to Close Ohio Auto Parts Plant, Lay Off 140

Alcoa said late Tuesday it is cutting 140 jobs and closing its automotive components plant in Northwood, Ohio, by the end of the year to decrease overcapacity. The aluminum products maker said it plans to take pre-tax charges of about $7 million, with $3 million to be recorded in the third quarter.

From AFX News Limited

SAN FRANCISCO — Alcoa said late Tuesday it is cutting 140 jobs and closing its automotive components plant in Northwood, Ohio, by the end of the year to decrease overcapacity. The aluminum products maker said it plans to take pre-tax charges of about $7 million, with $3 million to be recorded in the third quarter.

“The decision to close this facility was a difficult one and in no way reflects negatively on the efforts of our dedicated workforce,” said Eric Winter, vice president of operations and engineering for Alcoa Advanced Transportation System, in a company statement. “Unfortunately, the excess capacity in our system and the specific capabilities of this facility made this move necessary.”

Alcoa said it is offering affected employees severance and benefits continuation packages and would work with state and local officials to find a buyer for the plant. Shares of Alcoa rose 44 cents to close at $31.25 ahead of the announcement.

Copyright 2004 AFX News Limited. All Rights Reserved.

_______________________________________

Click here to view the rest of today’s headlines.

You May Also Like

Lucas Oil Facilities Recertified for ISO 9001:2015

The Quality Management Systems certification was conducted by PRI Registrar Performance Review Institute and included both production facilities in Corydon.

Lucas Oil Certification

Lucas Oil announced the organization’s production facility and laboratory in Corydon, Indiana, has met all the standards for recertification as ISO 9001:2015 – Quality Management Systems. The certification was conducted by PRI Registrar Performance Review Institute and included both production facilities in Corydon. Originally certified in 2022, the company has been recertified every year since.

WAI Releases 116 New Part Numbers

The new part numbers include starters, alternators, wiper motors, sensors, and transfer case motors.

WAI Announces 116 New Part Numbers
Standard Motor Products’ VVT Program Expands

SMP said the program offers more than 600 part numbers for import and domestic vehicles, with new numbers added each month.

Standard Motor Products’ VVT Program Expands
GKN Reduces Total CO2e Emissions by 10.5%

GKN said its sustainability strategy is based around four strategic pillars, as it aims for its emissions reduction target to be net-zero across its value chain by 2045.

GKN reduces direct CO2e emissions by 10.5% in 2023
Dana Expands Line of Spicer ReadyPack Kits

Dana added new part numbers to its line of Spicer ReadyPack preassembled kits for commercial-vehicle driveshafts, coupling shafts and interaxle shafts.

Dana Expands Line of Spicer ReadyPack Kits

Other Posts

Bendix Marks One Year of Accident-Free Operations

Five hundred people work at the company’s Huntington, Indiana, campus, where 365 days have gone by without a recordable injury, according to Bendix.

Bendix Marks One Year of Accident-Free Operations
Bosch Releases 87 New Part Numbers in June

Bosch’s new part numbers cover 318 million vehicles in operation across North America.

Schaeffler Showcases Hydrogen Electrolyzers and Fuel Cells

Schaeffler also is demonstrating its progress toward the commercialization of green hydrogen, at the Hydrogen Americas 2024 Summit and Exhibition in Washington, D.C. 

Schaeffler Showcases Hydrogen Electrolyzers and Fuel Cells
Transtar Holding Company Acquires PPi Automotive

PPi Automotive is a family-owned and operated automotive parts wholesale distributor based in Pittsburgh.

Transtar acquires PPi Automotive