An almost century-old company that went through a merger two years ago will lay off 217 employees and closing at least one of its two facilities north of Charlotte next year, its termination notice filed with the state of North Carolina shows.
Keystone Powdered Metal Co. manufactures metal components for automotive engines and transmissions, electric motors, power tools, HVAC systems and home appliances, according to its website.
The company is based in St. Marys, Pennsylvania, a town that also lays claim to the Straub Brewery and the first Benedictine Catholic monastery in the United States.
Japanese company owns local manufacturer
Keystone also has a satellite factory in the Sunbeam Industrial Complex in Cherryville in Gaston County. Wednesday’s layoff notice only mentions job cuts at its Iredell County plant at 250 Old Murdock Road. It’s off Interstate 77 exit 42 in Troutman.
The facility will close on April 1, 2025, according to the filing.
The company is a division of Sumitomo Electric Industrieswhich is headquartered in Osaka, Japan.
In 2022, Keystone merged with another Sumitomo subsidiary, Engineered Sintered Components Co. The merged company retained the Keystone name.
The Troutman plant is Keystone’s Engineered Sintered Components Co. division, according to Keystone’s website.
Company officials could not immediately be reached Saturday.
This is a development story that will be updated.