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United States News
See other United States News Articles Title: U.S. Gypsum in Stony Point to close in June
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Published: Mar 1, 2010
Author: Jane Lerner
Post Date: 2010-03-01 13:01:43 by Nebuchadnezzar
Keywords: None
Views: 3713
Comments: 1
U.S. Gypsum in Stony Point to close in June; 70 to lose jobs Jane Lerner • jlerner@lohud.com • March 1, 2010 Comments (10) Recommend Print this page E-mail this article Share Del.icio.us Facebook Digg Reddit Newsvine Buzz up!Twitter FarkIt Type Size A A A STONY POINT — United States Gypsum Co. will close its wallboard manufacturing plant in Rockland as demand for its product continues to fall off in the poor housing market, according to financial documents. The Stony Point plant, which employs about 70 people, will shut down by June, its Chicago-based parent company said in documents filed with the Securities and Exchange Commission. Stony Point Supervisor William Sherwood said this morning that he was informed of the decision late last week. "It's a disaster," he said. "Horrible, horrible news for Stony Point and the 70 or so employees who are losing their jobs." Related SEC filing on the plant closing The company, one of the largest private employers in the town, has been cutting back since the housing market started going downhill three years ago. At its height, more than 200 people worked there. In late 2008, the company cut 45 jobs, bringing the total number of people working there to 100 or so. More layoffs have taken place since then, and the company not long ago instituted a three-week work month. Its employees were able to collect unemployment during the week they were not working. It will cost the company approximately $12.2 million to close the plant, including $5.7 million for termination benefits, $2million for equipment and distribution center lease terminations, $3million for cleanup and other associated costs and $1.5million for inventory and other asset write-offs, according to documents. The company indicated in its SEC filing that the shutdown will be temporary. Sherwood said that company officials told him they would keep the building open with a small maintenance staff so it could be restarted when the economy improves. "When the economy turns around and housing picks up, they will need that plant," Sherwood said. "but there's just no market for the product at the moment."
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#1. To: Nebuchadnezzar (#0)
The company, one of the largest private employers in the town, has been cutting back since the housing market started going downhill three years ago. I bet they cleaned up during the boom part of the cycle.
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