The remaining 76 workers at the facility in Radford, Va., would be dismissed, but a buyer is being sought.
According to published reports, Intermet Corp. has announced plans to close its New River Foundry in Radford, Va., in December and dismiss the rest of the workers at the foundry.
The Roanoke (Virginia) Times reports that the plan to permanently shutter the facility was revealed to a subdistrict director for the United Steelworkers International, and Ken Doss, president of the steelworkers local union at the plant. They said Intermet outlined its plans in an Oct. 15 letter.
Intermet has been in bankruptcy court for 14 months, grappling with the harsh economic conditions. The cast-metal components it manufactures for automotive and commercial vehicle manufacturers are no longer the profitable business they once were.
Just three months ago, there appeared to be hope. Cerion LLC, a Michigan company that was formed to consolidate cast-metal parts companies struggling during the recession, announced it was in negotiations to buy the New River Foundry.
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