The Cortland Cable Co. factory on River Street in Cortland will close in a few months, employees at the plant were told Thursday.
Bar Bolens, vice president of corporate strategy and investor relations for parent company Actuant Corp., confirmed the move and also said a biomedical products facility that the company opened recently in Cortlandville would remain open.
The decision to close the factory that makes cable and ropes was made because of declines in the oil and gas industry, a primary customer for the company’s cables, Bolens said. Production of ropes will move to other company facilities in Houston, Texas, and Anacortes, Washington.
“Because of changes in the industry and declines, it became unfeasible to produce cable and be pro table,” Bolens said. “We’ve decided to exit the cable business.”
Employees were informed of the move during meetings Thursday with leaders at the facilities, she said.
No specific date for the closing has been set, Bolens said. The company has not released any plan for the building that it will vacate.
The number of employees who will lose their jobs was not released. It was unclear if any would be offered opportunities at other company facilities. Information from Dun & Bradstreet and from the federal Small Business Administration’s Small Business Innovation Research program suggested the company has between 45 and 50 employees, but was not specific about where they were located.
The company will assist employees whose jobs were eliminated, but details were not provided.
The Cortland division, which includes the two facilities in Cortland and Cortlandville, had annual net sales of $45 million to $50 million, but there was no breakdown of how much was attributed to each facility, Bolens said.
Garry VanGorder, executive director of the Cortland County Business Development Corp., said Thursday that he had not heard about Cortland Cable closing its River Street factory.
Staff Reporter Travis Dunn contributed to this report.