Wednesday, October 30, 2019 1:00 am
Winona PVD to close doors; 108 to lose jobs
SHERRY SLATER | The Journal Gazette
A Warsaw manufacturer plans to close Dec. 31, eliminating 108 Kosciusko County jobs, according to paperwork filed Tuesday with the state.
Winona PVD Coatings said it will permanently close both of its Warsaw facilities – 1180 Polk Drive and 1095 Polk Drive.
No explanation was included in the letter to the Indiana Department of Workforce Development.
The Worker Adjustment and Retraining Notification Act requires companies planning mass firings or layoffs to notify state and local officials at least 60 days before the effective date.
Just three years ago, in May 2016, Winona PVD Coatings announced plans to invest $10 million and create 50 jobs by creating its fourth production line. At the time, the company employed about 155 on a three-building Warsaw campus.
Winona PVD Coatings applies a powder-coat base and primer followed by chrome plating and clear coating to make shiny rims for cars and trucks. The process creates lighter wheel rims that add to vehicles' overall fuel efficiency, officials previously said.
On its website, the company says it is “North America's only large-scale producer using environmentally friendly physical vapor deposition (PVD) to create automotive wheels with a classic chrome finish appearance.”
In 2016, the manufacturer's customers included automakers Ford and Jaguar and various auto parts retailers. Logos for clients currently shown on Winona PVD Coatings' website include BMW, Toyota, Honda, Nissan and Hyundai.
Warsaw Mayor Joe Thallemersaid late Tuesday evening that he didn't know why the company is closing. In 2016, he praised the company's planned expansion.
“Winona PVD is a fast-growing, well-managed company that has created a high demand for its quality performance, eco-friendly automotive wheel finishing process,” he said then. “It is precisely that home-grown innovation that continues to define the Warsaw community as world leaders of high-tech manufacturing.”
Based on the expansion announced three years ago, the state offered Winona PVD $245,000 in tax credits through its EDGE for Retention program. Warsaw officials agreed to issue a $860,000 bond that will be paid back by the company, which is located in a tax increment financing district.