Hitting the wire about an hour ago from CTV News, but it seems that a deal by a US firm to buy the W.C. Woods plant in Guelph has fallen through. This is a none-too-minor hit to local manufacturing and the employees that work at Woods, which has been on the proverbial bubble for much of the last year. The plant's even been receiving government funding to give employees paid days off due to lack of work.What happens next is hazy at the moment. What's certain is that the business Woods' fate is now moving into a courtroom where the company's assets will be liquidated. The fate of employees meanwhile depends on who you ask. The Guelph Mercury out and out says that all 250 employees are out of work effective immediately, while 570 News says that 200 people will be laid off with the closure of Plant 2 and some employees being offered early retirement.
But more than that though, Woods is a Guelph institution, having made refrigerator and freezers in the Royal City for 75 years. Truly, this is a great loss in more ways thatn one.
Look for more info on this as the dust settles, apparently management will be talk to emplyees this afternoon. If you have any info or want to comment, just plug it in in the comments section below.
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1 comment:
No matter what, you may as well call it closed. If it keeps 50 employees, it will be simply for sales or service.
I worked at Woods for near 10 years, and was fortunate to have an opportunity to leave before the bubble got too big.
That being said, under John Woods (former President, CEO, and son of W.C. Wood), it was a wonderfully run company who treated it's employees well. We received great benefits, and pay, well above industry standard and it was a definite community feel. Everyone knew everyone.
When the business moved to third generation (David Wood, son of John), the bottom started to fall out. Whether it be as a result of David, or a trembling export economy, remains in question.
The last few years have been unfortunate, and I almost feel sorry for those individuals who did not take the opportunity to leave when the getting was good.
Definitely an institution.
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