INDIANAPOLIS -- Genesis Casket Co., a division of metal-stamping company Gestamp, will shut down its 3-year-old Eastside Indianapolis plant, laying off all 56 employees.
According to the Indiana Department of Workforce Development notice was given to employees Nov. 3. The company will terminate its employees between Dec. 27 and Jan. 9, 2015, the company said in its notice to the state.
The closing ends an attempt by Gestamp, to break into the casket-making business. The company, based in Spain, used fixed pricing to sell its caskets.
Gestamp North America, of Troy, Mich., spent about $15 million to turn the former SMC auto-parts plant at 3011 N. Franklin Road into a casket plant, according to the Indianapolis Star.
The casket industry is highly competitive with two-thirds of the caskets in the United States manufactured by three companies – Batesville Casket, Aurora Casket and Matthews International, the Star reported. According to company financial reports, 51 percent of Matthews’ $478 million business comes from caskets and other cemetery products. China also has a strong casket business in the U.S.
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