Company to end operations at the end of June
Closure mainly due to coronavirus impact
Pittsburgh — US spring wire producer ASWPengg has announced it will be closing its facility near Cleveland, Ohio at the end of June.
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Register NowThe company filed an official WARN notice with Ohio's Office of Workforce Development Monday, citing fallout from the coronavirus pandemic as a central reason for the closure.
The closure affects approximately 122 employees at the company's Ohio location, with terminations to take place over the 14-day period in the week before and the week after June 30.
The company said the concerns surrounding its operating capital had been exacerbated by the impacts of the coronavirus pandemic.
"[...]The COVID-19 pandemic and its economic effect on our business was an unforeseen circumstance beyond our control," the company said. "Our clients and customers also have been negatively impacted in ways we could not predict. The entirety of current events has served effectively to limit any realistic opportunity for us to secure the capital we now need."
In the WARN notice, the company said it had "experienced financial distress related to unfavorable trade policy, timed with very heavy capital investment" throughout 2018 and 2019, but was "able to successfully obtain operating capital and continue [its] operations."
ASWPengg manufactures spring wire products including valve and commercial grade wires in carbon and alloy steels for use in the automotive, agriculture, appliance and residential construction markets.
ASWPengg was founded in 2016 as a partnership between American Spring Wire Corporation, a North American manufacturer of spring wire, and Joh. Pengg AG, an Austria-based global supplier of spring wire.
American Spring Wire had previously sold its prestressed concrete strand operations in Texas and Georgia to Insteel Wire Products Company in 2015.
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US spring wire producer ASWPengg announces Ohio facility closure - S&P Global
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