Whitley Products Closes Unexpectedly
July 28, 2016 at 4:25 p.m.
By Jordan Fouts-
The closure reportedly came as a surprise to employees, Plymouth city officials and the company itself. Questions remain about whether the company violated the Worker Adjustment and Retraining Notification Act by failing to give notice.
In a statement released to area media Thursday, the Warsaw-based company cited refusal by its senior lender to provide funding needed to continue its operations.
“As a consequence, and with great regret, we must inform you that Whitley Products Inc. has terminated operations, effective today,” the statement continues. “For our employees, this means that their employment is terminated, effective immediately. Possession and control of all Whitley's operating assets is now held by Keltic Financial Partners II, LP.”
Keltic is an asset-based financing company headquartered in Tarrytown, N.Y. In February, it announced the funding of an $8.9 million senior secured credit facility for Whitley Products.
Whitley Products, which also has a facility in Franklin, N.C., originally manufactured screw machine parts for the war effort in 1942 and claimed to be the largest Tier Two supplier of fabricated tubular products for the diesel engine, agricultural and off-highway industries.[[In-content Ad]]
The closure reportedly came as a surprise to employees, Plymouth city officials and the company itself. Questions remain about whether the company violated the Worker Adjustment and Retraining Notification Act by failing to give notice.
In a statement released to area media Thursday, the Warsaw-based company cited refusal by its senior lender to provide funding needed to continue its operations.
“As a consequence, and with great regret, we must inform you that Whitley Products Inc. has terminated operations, effective today,” the statement continues. “For our employees, this means that their employment is terminated, effective immediately. Possession and control of all Whitley's operating assets is now held by Keltic Financial Partners II, LP.”
Keltic is an asset-based financing company headquartered in Tarrytown, N.Y. In February, it announced the funding of an $8.9 million senior secured credit facility for Whitley Products.
Whitley Products, which also has a facility in Franklin, N.C., originally manufactured screw machine parts for the war effort in 1942 and claimed to be the largest Tier Two supplier of fabricated tubular products for the diesel engine, agricultural and off-highway industries.[[In-content Ad]]
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