A precision tubular product manufacturer in Plymouth released a statement yesterday announcing that they have been forced to close their doors due to a lack of funding from their senior lender.
Whitley Products announced that their lender has refused to provide the necessary funding required for the business to continue operations, forcing the business to terminate operations and all of their employees, passing possession and control of all of their operating assets to Keltic Financial Partners.
A law is in place requiring companies to notify workers at least 60 days ahead of time before closing and terminating their employment, but sources say Whitley has not issued that notice and the city of Plymouth has said they had no idea the manufacturer was planning to close.
Whitley Products boasts facilities in Plymouth and Franklin, N.C., and has been in business for more than 60 years. The company provides products to the HVAC, agricultural equipment, diesel engine, and other markets.