CARY — Energy Conversion Systems, a local maker of electric components, will close its doors May 25 and let go hundreds of workers worldwide.
The company's closure will idle 165 workers at its Cary headquarters and a manufacturing facility in Dunn, about an hour south of Raleigh. Energy Conversion Systems, founded in 1906, will also close its operations in Europe, South America and Asia.
The company reported the pending closure to the N.C. Department of Commerce, blaming "the unanticipated and dramatic downturn in the economy and the termination of the revolving credit agreement with Wachovia."
"The company does not have sufficient capital to fund its operations," Pat Reagan, vice president of human resources, wrote in the letter. "It is with regret that the company provides you with this notice. These are difficult times for all involved."
Energy Conversion Systems, on its web site, bills itself as the world's leading supplier of electric motor components. It designs and manufactures energy conversion components for the automotive, appliance and consumer products industries.
Companies are required to notify the state commerce department of significant layoffs.