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August 4, 2009
A Sanford plant that employs 68 will be shuttered by its owner, Colfax Corp., by the end of the year.
Most of the employees at the industrial pumps plant will lose their jobs, but a few will be relocated to the company’s facilities in Monroe and Columbia, Ky. Some equipment will also be moved to the these two sites.
A spokeswoman for Colfax (NYSE: CFX), which is based in Richmond, Va., said the plant closing was the result of the “weak economic environment.”
After closing, the remaining equipment and land will be marketed to interested buyers, the spokeswoman said.
Colfax estimates the plant closing will result in $2.3 million in expenses, including severance payments and equipment relocation costs.
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