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115 to lose jobs with closing of Owosso plastics plant
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Wednesday, June 28, 2006 10:24 AM EDT
OWOSSO CHARTER TWP. - Engineered Plastic Products, Inc. plant at 401 S. Chestnut St. will close its doors Friday with 115 employees losing their jobs.
The South Chestnut Street plant has been in operation eight years. EEP also is closing plants in Ypsilanti and Lima, Ohio, affecting a total of 450 employees between the three sites.
The company produced injection-molded interior automotive parts for General Motors Corp. and Daimler-Chrysler AG. It filed for a reorganization bankruptcy under Chapter 11 March 9.
According to EEP Human Resources Director Vianessa Shephard, the company's customers, GM and Daimler-Chrysler, did not accept the reorganization plan that would have allowed the plants to remain open.
Without an approved reorganization plan, the company went back to court Tuesday and was forced into liquidation (Chapter 7), said Shephard. The company's assets will be auctioned off at a future date.