Farmers will plant the most acres in a generation this year, led by the biggest corn crop since World War II, taking advantage of the highest agricultural prices in at least four decades.Rea Magnet Wire Co. Inc. told 85 workers Friday that their jobs will end in two months.
Fort Wayne-based Rea, one of the world's largest manufacturers of magnet and nonferrous wire products, employs about 1,000 worldwide, including about 300 locally.
Every item with a motor contains magnet wire. Household examples include refrigerators, washers, dryers, dishwashers, vacuums, hairdryers, microwaves, alarm clocks, air-conditioners and televisions. Cars, trucks and myriad industrial items also contain motors.
Rea produces copper, aluminum and brass insulated magnet wire and bare wire used in motors, transformers and coils. Rea also makes specialty wire products.
The privately owned company issued a statement this afternoon saying it is selling selected assets of its Rea Diversified Products Division to Elektrisola Inc. of Boscawen, N.H. Included in the sale are specialty insulated fine and ultra-fine wire materials and products used by the micro-coaxial cable industry.
Rea will consolidate the remaining products from the Diversified Products Division into its other manufacturing facilities, including the one at 4300 New Haven Ave.
The company will stop all manufacturing at its Pontiac Street location but will keep its headquarters there.
"Our total focus during these challenging economic times is to stabilize our business by providing value to our customers while protecting as many employment opportunities as possible," Chief Executive Charles Fisher said in a statement. "We believe that this transaction, and resulting consolidation, improves our competitiveness in the marketplace and financial viability for the future."
Fisher added he's confident Elektrisola will meet customers' needs for the product lines that were sold.
sslater@jg.net
