COLORADO SPRINGS, Colo. (AP) - The owner of a Colorado hand tool manufacturing plant plans to close and lay off all of its 164 employees.
Ideal Industries Inc. confirmed Tuesday that the company will close Western Forge after 54 years in Colorado Springs, The Gazette reported.
The company has not yet set a closing date, but will continue operating the plant until current customer orders are filled, an Ideal Industries representative said.
The closure resulted from retail giant Sears selling its Craftsman tool division nearly four years ago and moving tool manufacturing operations offshore, the company said.
Ideal plans to consolidate manufacturing at its SK Professional Tools plant in Sycamore, Illinois, west of Chicago, where the company said it plans to add employees.
Western Forge employees can move to other Ideal plants and will be given priority consideration if they are qualified for open positions, the company said.
Employees who are laid off are expected to receive severance packages that include salary, health care and outplacement benefits if they do not leave before their separation dates, Ideal said.
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