16th
December 2008 - Friction Holdings
(formerly Raybestos) to Close Two U.S.
Plants
Friction
Holdings, formerly known as Raybestos, has announced it plans to cease
all operations in Crawfordsville by Feb. 28. 460 jobs are effected at
the Crawfordsville plant. It is also reported their Greenwood South
Carolina factory will be closing effecting 170 employees.
Friction Holdings, a manufacturer of clutch, power
transmission and brake systems, said it decided to close plants in
Crawfordsville and Greenwood, Miss., after being unable to find a buyer.
The company's business deteriorated as its customer base
found it difficult to sell large machinery. Friction Holdings
manufactures parts for large trucks and farm equipment made by
Caterpillar, John Deere, Chrysler, Ford and Komatsu. Friction Holdings
stands to lose 60 percent of its customers at the end of 2008.
"We deeply regret the impact
this difficult decision may have on the Crawfordsville and Greenwood
work forces, their families and communities," said Daniel A. Gaston,
president and chief executive of Friction Holdings, in a statement.
Source: Various News Sources