Portland Valve plant to close, 40 workers affected
Maryland-based manufacturer Colfax Corp. is planning to close its South Portland plant, affecting 40 workers.
The pump and valve maker will relocate production of its Portland Valve products to its facility in Warren, Mass., by the end of the year, according to a press release. "Although we regret the impact that the plant closing will have on our associates in Portland, this move supports our continued efforts to improve productivity and reduce structural costs by rationalizing and leveraging our existing assets and back office functions," Clay Kiefaber, president and CEO of Colfax, said in the release. The move is expected to save the company $1 million a year; however, closing the plant will cost the company about $1.5 million in 2011, which includes $800,000 for severance payments and $700,000 to relocate equipment.
Founded in 1973, Portland Valve makes products for the public and private naval industry and is a contractor to the U.S. Navy. Colfax and its subsidiaries manufacture industrial pumps and valves for the oil and gas, power generation, commercial marine, naval and industrial markets.
Most Recent
Most Recent
Comments