Another auto parts manufacturer goes under
Workers at Oakville, Ont.-based compression molder Polywheels Manufacturing Ltd. have been informed that the compan...
Workers at Oakville, Ont.-based compression molder Polywheels Manufacturing Ltd. have been informed that the company is filing for bankruptcy, and that they will be out of a job for the foreseeable future.
In media reports, the company’s spokesperson has cited the perfect storm created by General Motors’ decision to cease operations at its Oshawa truck assembly plant and high gas prices as the reason behind the closure.
“All of our customers have informed the company that they are going to resource their production needs elsewhere,” said the company’s representative to the Oakville Beaver. “We have American customers and one of our biggest customers is the Oshawa truck plant and our major products that we supply are for big pickups and SUVs. It is the perfect storm, with gas prices, big trucks and the Canadian dollar all adding up.”
The move will mean that the company’s 250 workers will be out of a job. The company has indicated that it does not know if severance pay will be offered, and if Polywheels will ever reemerge from bankruptcy.
Founded in 1986, Polywheels also served the medical, electrical, furniture, sporting goods, marine, construction and consumer products markets. The company was a privately-owned family business, founded by Frank and Sean Milligan. According to the company’s website, it has twice been voted one of Canada’s Best Managed Private Companies.
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