Guisborough Foundry to close with 65 jobs lost
An east Cleveland foundry is to close with the loss of 65 jobs, its US owners have announced.
The Oregon-based ESCO Corporation said a decline in the global sales of its products was to blame, having seen demand drop by 30% since 2007.
President Tim Myers said staff were upset, but took news of the closure professionally.
Tom Blenkinsop, Labour MP for Middlesbrough South and East Cleveland, described it as a "huge loss".
Tim Myers told BBC Tees' Neil Green that the company expected to close the foundry by 21 November.
He said: "It's been a tough day, our staff took it hard but they are a good professional group.
"The group we have here is very good and makes very good products, it's really global demand being down that's forced us to make this move."
Mr Myers said support would be given to staff to help them find new jobs.
Middlesbrough South and East Cleveland MP Tom Blenkinsop said "I am extremely disappointed at this announcement.
"This closure will be a huge loss for East Cleveland and my priority will be to support those employees who have been hit by this announcement any way I can."
ESCO purchased the foundry from William Cook Cast Products in 1997 to serve its European customers, but regional demand has diminished over time and the foundry is currently running at less than half of its capacity, the company said.