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Article: INTERMET FOUNDERS
- Article from:
- Roanoke Times & World News
- Article date:
- August 15, 2008
- Author:
CopyrightCopyright 2008 Roanoke Times & World News. Provided by ProQuest LLC. (Hide copyright information)
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Intermet Corp., which operates the New River Foundry in Radford,
announced Thursday that it has filed for Chapter 11 bankruptcy
protection to restructure debt and operations.
On Aug. 8, Intermet laid off 56 workers at the Radford plant.
Remaining employment there is about 160, according to Intermet
spokesman Gordon Cole.
Intermet said the filing followed "60 days of unprecedented low
automotive sales volumes" and high prices for commodities, including
scrap metal. The company said its ferrous segment, which includes
the New River Foundry, has been hit hard by declining markets for
big trucks and sport utility vehicles.
Intermet does not supply the Volvo truck plant in Dublin, a major ...
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