A nearly century-old company that went through a merger two years ago will lay off 217 workers and shutter at least one of its two plants north of Charlotte next year, its layoff notice filed with the state of North Carolina shows.
Keystone Powdered Metal Co. makes metal components for car engines and transmissions, electric motors, power tools, HVAC systems and household appliances, according to its website.
The company is based in St. Marys, Pennsylvania, a city that also claims Straub Brewery and the first Benedictine Catholic convent in the United States.
Japanese company owns local manufacturer
Keystone also has a satellite plant in the Sunbeam Industrial Complex in the Gaston County city of Cherryville. Wednesday’s layoff filing mentions job cuts only at its Iredell County plant at 250 Old Murdock Road. That’s off Interstate 77 exit 42 in Troutman.
The plant will close on April 1, 2025, according to the filing.
The company is a division of Sumitomo Electric Industries, which is headquartered in Osaka, Japan.
In 2022, Keystone merged with another Sumitomo subsidiary, Engineered Sintered Components Co. The merged company retained the Keystone name.
The Troutman plant is Keystone’s Engineered Sintered Components Co. division, according to the Keystone website.
Company officials could not be immediately reached on Saturday.
This is a developing story that will be updated.