Business Briefs

Sanford gear pump plant employing 68 people to shut down

Posted August 4, 2009

— Colfax Corporation (NYSE: CFX) is shutting its gear pump manufacturing plant in Sanford. It employs 68 people.

Production will be consolidated at other Colfax plants in Monroe, N.C. and Columbia, Ky., the Richmond, Va.-based firm said Tuesday morning.

The Sanford plant will be shut by the end of the year.

“We regret the impact of the plant closing on our employees in Sanford, but we must continue to reduce costs and align capacity with the demands of our global customer base,” said Colfax Chief Executive officer John Young. “This consolidation will better position us as our end markets recover."

Colfax reporting a second quarter profit of $4.4 million Tuesday on revenues of $129.2 million. Sales were down 20 percent from a year ago.

11 Comments

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  • hywilson Aug 4, 2009

    This is how 'change works' you gotta loose jobs to create them, just like you gotta spend money to keep from going bankrupt...oh wait, thats not right...

  • in2horses Aug 4, 2009

    How yall like that "change"???

  • affirmativediversity Aug 4, 2009

    What, they made a profit last quarter? I need to check if I own their stock!

    Sure glad I live in a FREE, CAPATILIST country where MAKING MONEY isn't a crime.

  • slick rick da troll whisperer Aug 4, 2009

    "second quarter PROFIT of $4.4 million and they can't spare a little extra to keep 68 people and their families from risking financial ruin until the economy picks back up."

    profits and cash flow are two entirely separate things...companies don't necessarily go bankrupt or face finance trouble due to their profits, but solely due to their cash flow. a profit of $4.4 million tells me absolutely nothing about their cash flow.

  • time4real Aug 4, 2009

    there goes the population!

  • DeathRow-IFeelYourPain-NOT Aug 4, 2009

    Wow! With all the business closings in Sanford, I'm sure you can find a VERY good deal on a house down there.

  • arfamr1005 Aug 4, 2009

    second quarter PROFIT of $4.4 million and they can't spare a little extra to keep 68 people and their families from risking financial ruin until the economy picks back up. I hope the penny pinching CEO gets a nasty hemorrhoid or some non-life threatening VD.
    Iworkforaliving

    although I feel for the workers, the company has shareholders to answer to if they dont turn a profit....thanks your governor, president, and congress for this

  • commonsensical Aug 4, 2009

    Companies are in business to make a profit. Would you employ a housekeeper if it meant that you'd have to give up your paid holidays and vacations? It's the same thing here - why should the company and its owners suffer by keeping employees on the payroll without work for them to do?

  • Iworkforaliving Aug 4, 2009

    second quarter PROFIT of $4.4 million and they can't spare a little extra to keep 68 people and their families from risking financial ruin until the economy picks back up. I hope the penny pinching CEO gets a nasty hemorrhoid or some non-life threatening VD.

  • ThinkChick Aug 4, 2009

    Wonder if it has anything to do with forecasting the new taxes of Perdue and Co's effect on business bottom line?

    ...uh yeah!

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