NEW ALBANY, IN - StemWood, a veneer and lumber mill, says it will wind down operations by the end of the 2015. StemWood produces high quality 4/4 walnut, cherry, white oak and red oak lumber as well as flitch and "clipped & bundled" hardwood veneers in a variety of species for a worldwide market.
"The exodus of American furniture manufacturing to Asia and the prolonged recession in new housing have been punishing blows to our business model," says David Wunderlin, who has been president and part owner of StemWood since 1989.
Wunderlin said in a statement the closure is a management decision based on the economics of the company and the industry, and that its owners are actively seeking alternative operators or new uses for StemWood.
"StemWood is under no duress from any outside source," Brumett says. "We are operating extremely well. Our productivity is high and our quality is excellent. Our management team simply understands how harshly the dynamics of our industry are working against us."
The owners say they are seeking alternative operators or new uses for StemWood.
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