Apex Tool to shutter plant in Springdale

Apex Tool to shutter

plant in Springdale

Apex Tool Group is shuttering its Springdale plant, according to a release Thursday from the city's Chamber of Commerce.

It was not clear how many jobs will be lost or when the plant will close. There are an estimated 200 to 250 workers at the plant. Phone calls and email messages to Apex Tool Group's headquarters in Maryland were not returned Thursday.

"We were informed today of the corporate decision by APEX Tool Group in Sparks, Md., that it plans to merge its Springdale location and a plant in Texas into a third location in South Carolina," Perry Webb, president of the Springdale Chamber of Commerce said in an emailed statement. "We have known for some time that plant consolidation was part of the company's long range plans."

Apex Tool Group is one of the largest toolmakers in the world. It was purchased in 2013 by asset management firm Bain Capital for $1.6 billion. Apex Tool Group employs more than 8,000 worldwide, according to its website.

-- John Magsam

Business on 08/08/2014

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