A longstanding manufacturing plant in downtown Indianapolis is set to close its doors. Ohio-based The Timken Co. (NYSE: TKR) says it plans to shutter the Diamond Chain Co. facility by 2023, affecting some 240 workers.
The Diamond Chain Co. was acquired by Timken last spring. A spokesperson for Timken tells Inside INdiana Business it will relocate operations to its new facility in Fulton, Illinois, which will serve as the company’s global chain business headquarters.
“Since acquiring Diamond Chain last year, we’ve been carefully evaluating how to best integrate the business,” spokesman Scott Schroeder said. “Our lease is expiring in Indianapolis; relocating to Fulton, where we own the facility, allows us to leverage our existing manufacturing footprint to best serve our customers.”
Schroeder says the employees of the Indy facility, built in 1917, were notified of the move this week and the company will have third-party employee assistance counselors on site this week to help answer any questions. He adds there could be possible opportunities for qualified candidates to fill open positions at the Fulton facility.
Timken says it will continue to run operations at the Indianapolis facility until production is successfully transferred to Fulton. The process will take place over the next 24-36 months.
Diamond Chain manufactures roller chain used in a variety of industries, including automotive, agriculture, and industrial manufacturing. According to the Diamond Chain website, the company’s products were used in the Wright Brothers’ first flying machine and Henry Ford’s first automobile.