MANITOWOC, WI (WTAQ) – More than 60 people will be out of a job when a Manitowoc manufacturer closes.
Groz-Beckert Group, the parent company of Foster Needle, says it plans to close Foster Needle by the end of June 2017. Plans call for manufacturing to end on July 31, with the company completely shut down next June 30.
Foster Needle makes needles for felt products.
“This was a difficult decision,” Miroslav Svejda, Senior Vice President of Groz-Beckert, said in a news release. “But competition has intensified and the market growth dropped significantly in recent years. While we will be closing the doors permanently, we have respect and gratitude for the work that has been carried out at this facility.”
Groz-Beckert says 52 employees will be affected by the manufaturing shutdown next month. They will contiue to receive their regular pay and benefits until July 31 and will be offered severance packages. Between July and December, 10 more people will lose their jobs; they will also be offered severance packages. Two more employees will be kept on for part of 2017.
Foster Needle says it operated in Manitowoc for 60 years.
