Apex Tool Group will close its Gastonia plant, a decision that will eliminate 220 jobs.
Tool making at the Isley Drive plant on the western side of town dates to 1978, when the Moore Co. operated from the building.
Donny Hicks, executive director of the Gaston County Economic Development Commission, says the loss of high-skill jobs will be a setback for the community.
Apex Tool was formed two years ago as a joint venture between Danaher Corp. and Cooper Industries. It’s based in Sparks, Md.
Bain Capital Partners, a private investment firm that unsuccessful presidential candidate Mitt Romney once ran, is in the process of buying Apex Tool for $1.6 billion.
The company makes dozens of brands of hand and power tools, including the Crescent brand.
Local employees were told this week of plans to shutter the plant.
Ken Elkins covers manufacturing, international business and economic development for the Charlotte Business Journal.