Tredegar Corp. announced earlier this week that its Bonnell Aluminum subsidiary will close its plant in Kentland, Ind.
The plant, which employs 146 people, is scheduled to close by September 30, 2012.
The Kentland facility had sales of approximately $38 million in 2010 and has been operating at a loss for the past several years.
"This was a difficult decision to make, and we regret the impact this decision will have on our employees in Kentland. While the employees have made an exceptional effort to help weather the current construction recession, prospects for a significant recovery in Kentlands core market, residential building and construction, now appear to be well into the future. Eligible employees will be offered severance and outplacement services," said Duncan Crowdis, president of Bonnell Aluminum.
Bonnell Aluminum is a major supplier of aluminum extruded products focused largely in the building and construction markets. The subsidiary had net sales of $234 million for the last twelve months ended September 30, 2011 and employs approximately 825 people at its three production facilities in the United States.
Based in Richmond, Va., Tredegar Corp. is primarily a global manufacturer of plastic films and aluminum extrusions.