Tinnerman Palnut Engineered Products, LLC Announces Plan to Close Plant

    MASSILLON, Ohio--Jan. 7, 2003--Tinnerman Palnut Engineered Products, LLC announced plans to close its Massillon plant and transfer production to its facilities in Hamilton, Canada, and Mountainside, New Jersey. The Massillon plant employs approximately 160 people.
    "This decision follows a detailed analysis of our manufacturing capacity situation as it relates to the fastener industry," said Jim Finley, President and CEO of Tinnerman Palnut.
    The transition is expected to take place over the next several months. All employees will be given an official 60-day notice. A comprehensive severance and outplacement program will also be provided to every affected employee.
    Eaton Corporation operated the Massillon plant from 1969 until 1999, manufacturing specialty fasteners for commercial and automotive applications. The plant was purchased by TransTechnology in 1999. Then, in 2001, Kohlberg & Company, LLC acquired the facility and manufacturing operations.
    "Employees in the Massillon plant are to be commended for everything they have done over the plant's history to survive in a marketplace battle with tough global competitors," said Jim Finley. "The tremendous cooperation and effort by these employees has proven that they would be an asset to any company. We will work with local employers to assist in placement opportunities."
    Tinnerman Palnut Engineered Products is a world Leader in the design and production of sophisticated engineered spring steel and plastic component solutions. The company offers thousands of spring steel, plastic and component designs, the broadest product line in the industry, as well as automotive lighting assemblies, plastic components and related products. Additional information on Tinnerman Palnut Engineered Products can be found on the Internet at www.tinnermanpalnut.com.