Ohio-based The Timken Co. (NYSE: TKR) is detailing plans to begin layoffs at the Diamond Chain Co. manufacturing plant in downtown Indianapolis. In a notice to the state, the company says nearly 150 workers will be let go, with the first separations beginning at the end of November.
In February 2020, Timken announced plans to close the facility by 2023 with about 240 workers ultimately being affected. The company is relocating operations to its facility in Illinois, which houses its global chain business headquarters.
The closure of the Indy facility is expected to be permanent. Timken says the first group of 14 workers to be let go have been notified and additional layoffs will occur “as business conditions allow.”
The Diamond Chain Co. was acquired by Timken in April 2019. The company manufactures roller chain used in a variety of industries, including automotive, agriculture, and industrial manufacturing. According to its website, the company’s products were used in the Wright Brothers’ first flying machine and Henry Ford’s first automobile.