ICG <link _top>Castings Inc., which includes <link _top>aluminum die-casting and machining operations in Dowagiac and Bridgman, has begun to wind down operations with a tentative closure date of Dec. 31, 2008.
Despite the company's attempts to expand its operations in recent years, sales projections related to the expansion of the company have not materialized.
The company was engaged in a turnaround process, but faced significant headwinds given reduced sales to the company's manufacturing customers, high input costs related to materials used in the manufacturing process, including petroleum-based products and lack of available funding.
Recent forecasts for continued significant weakness in its customers' markets led to the company's ultimate decision to attempt to sell the company and when no buyer was found to cease operations at the end of the year.
ICG <link _top>Castings has been in the process of working with its customers, lenders, suppliers and owners to determine the best way to wind down the operations in an orderly fashion.
