GEORGETOWN, Ontario -- Canadian component parts-maker Olon Industries Inc. plans to close its largest North American facility in Lexington, North Carolina, by May 30.

According to a WARN notice filed on Monday, Jan. 27, the closure of the 220,000-square-foot plant would eliminate 53 jobs at the facility. 

The first job cuts will begin March 28., according to company president. 

The company's official statement, reads:

‘’The decision to close our Lexington, NC facility has been incredibly difficult, but after much analysis was the only decision due to shifting demands in a competitive marketspace. We thank our employees, customers, and the Lexington community for their support over the years and their understanding during this challenging time.  We remain committed to supporting our hard working and skilled team through this transition and providing assistance to help them best navigate this new path.’’

Founded in 1981, Olon designs and manufactures a range of woodworking component products for the North American furniture and cabinet-making industries. Olon debuted in Lexington in June 2015 when parent company Huron Capital Partners LLC bought Carolina Drawers.

The manufacturer, which ranks #121 on the FDMC 300 list of top North American wood products companies, has plants in Georgetown, Ontario; Geneva, Illinois; and Washington, Indiana. Prior to the Lexington closing announcement, it had more than 450,000 square feet of total square footage and employed 260 workers.