SUPPLIERS: Caparo Plans to Shut Two Michigan Plants
Tuesday, August 7th, 2012
Caparo Vehicle Components Inc., Novi, Michigan, has decided to close two manufacturing plants in Novi, this according to The Detroit News. The company is a massive Tier I supplier to the global automotive industry producing metal stampings, welded assemblies and e-coated components for OEMs and other automotive suppliers.
The company recently filed a Worker Adjustment and Retraining Notification with the Michigan Workforce Development Agency, noting that it planned to close two factories and place about 270 employees on layoff.
According to reports, Caparo was in the process of selling the company to an unnamed buyer but the sale agreement fell apart. Ironically, the company stated three years ago that it planned to invest $10.5 million in its Michigan businesses and received $1 million in tax credits from the state.
Caparo operates the two locations in Novi and a third at San Luis Potosi, Mexico.
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