Ivaco Extends Layoffs

Jason Sandefur

Ivaco Rolling Mills will extend its layoff of 125 employees to April 15, American Metal Market reports. Workers were originally scheduled to return to their jobs March 9, but the wire rod shutdown was reportedly extended due to insufficient orders.

Currently Ivaco is operating at 50% capacity. Market conditions have crashed in the past two months, with declining new home starts and falling auto build rates.

Heico purchased Ivaco and its subsidiaries for $284 million in bankruptcy proceedings in 2004. The deal included fastener operations Infasco, Infasco Nut, Ingersoll Fasteners, Galvano, Vermont Fasteners and IFC Inc.
Ivaco has three units: Ivaco Rolling Mills, L’Orignal, Ontario; Infasco, a Marieville, Quebec, producer of fasteners; and Sivaco Wire Group LP, which has facilities in Marieville and Ingersoll, Ontario.
Ivaco operations include Canada’s largest rod mill, with annual capacity of 900,000 tons of wire rod; fabricated steel products, capable of producing about 450,000 of wire products and processed rod per year; and fastener operations with an annual capacity of 175,000 annually. Web: ivaco.com �2009 FastenerNews.com