Sanford gear pump plant employing 68 people to shut down
Posted August 4, 2009 9:07 a.m. EDT
SANFORD, N.C. — 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.