A manufacturer that has roots in Indianapolis dating to 1924 plans to permanently cease operations in late November unless it can find a buyer for the business.
In a notice to the state Wednesday, CMW International LLC said all 100 of its employees would lose their jobs if a buyer wasn’t found before Nov. 23.
The company manufactures electrical contacts at a single plant at 70 S. Gray St., less than a block away from East Washington Street between Rural Street and Sherman Drive.
About 25 of the employees are in management and about 75 are production workers represented by the International Union of Electronic, Electrical, Salaried, Machine and Furniture Works.
CMW officials said it has been in “intense negotiations with its creditors,” but its assets have been taken over by a court-appointed receiver, Alliance Management.
“We are very disappointed that business conditions have deteriorated and have dictated this decision,” that company said in its letter to the state.
CMW was a spinoff of battery maker P.R. Mallory & Co. Inc., which operated in Indianapolis from 1924 until the late 1970s, when it was acquired by Dart Industries of Los Angeles. Mallory was a Fortune 500 company that employed more than 11,000 people at its heyday in the 1960s and 1970s, including 1,500 in Indianapolis.
CMW still operates in a building that was part of the original P.R. Mallory complex. An ongoing effort has been made in recent years to redevelop part of the Mallory property.
source: Indianapolis Business JournalTagged with tED