Cooper Tire, which manufacturers racing motorcycle tires, announced that the weakening economy would cause it to close its Albany, Ga., plant.
The facility shutdown will result in the loss of 1,400 jobs, the company said in a press release. The company will absorb $150-$175 million in restructuring charges and that between 50-60 percent would be non-cash charges. The plant closing is estimated to save between $75-$80 million per year.
“This was a difficult decision and we regret the impact it will have on our employees in Albany and the surrounding community,” Cooper CEO Roy Armes said in the release. “The detailed study we performed was fair, objective and conclusive that we needed to consolidate our capacity and close one of our U.S facilities.”
With the closing of the Georgia facility, Cooper will have three manufacturing plants remaining in the U.S.