Posted on 11/20/2024 3:27:44 PM PST by DFG
The Japanese company that owns tire maker Dunlop shuttered a century-old New York factory — and fired 1,500 workers — as it moved manufacturing overseas.
Sumitomo Corp, the Tokyo-based conglomerate that boasts a market capitalization of more than $25 billion, closed down the Dunlop plant located in Tonawanda, near Buffalo, on Nov. 7.
The closure is the latest blow to the Western New York area, which like much of the Rust Belt has seen its manufacturing sector decimated by companies shifting production overseas in recent decades.
The company said that cost controls and investments in the aging facility were not enough to overcome mounting financial losses, according to Cycle News.
“The plant closure is primarily due to overall facility performance within the increasingly competitive international tire market,” Sumitomo said in a statement to the publication.
“This difficult decision follows a multi-year analysis of the company’s financial situation and general market conditions.”
The company said that it sought to find a buyer for the facility, which first opened its doors in 1923, but made the decision to shut down the plant when there were no takers.
Local lawmakers blasted the company, which is said to have spent $140 million in modernizing the plant in recent years.
(Excerpt) Read more at nypost.com ...
NY is a one-party, left-progressive state - and everything that comes with that.
its not a good place for manufacturing.
Never bought a Dunlop in my life.
Sales were “flat” after profits were “treading” water and now the workforce was “slashed.” Some chose to “re-tire” before the earnings “blew out.”
Never had Dunlop tires but I can say my belly has done lopped over my belt line.
Hochul gets it dry, just like Moammar Gaddafi...
RE: Never bought a Dunlop in my life.
But as some middle aged men discovered they suffered from the Dunlop Disease.
They gained weight and tried to tighten their belts but their bellies done lopped over them.
Wow! The Dunlop plant has been there time out of mind.
I was composing my own tribute to that old joke but yours won by being faster.
I salute you.
I bet the unions had a lot to do with it.
Moving south, or paying tariffs?
NOBODY, with any sense, are staying in blue states.
I had some Dunlap’s on my 1976 Camaro.
Spare me...
NYS is a horrible state to own a business in.
Mr mm ha a small business there once and had a run in with the state. They’re cold blooded and nasty. He closed up shop.
If we’re such a one party progressive state, why does Deep State have to steal our elections?
Now I feel deflated.
Western New York is not liberal NYC. That area is home to two Indian reservations, as well.
Actually I was surprised Dunlop still manufactured tires in the U.S. let alone New York.
You did?
Well now do you feel silly?
Gee, I hope they are not over-valued?
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