Ply Gem of Cary closing plants, cutting jobs
Published: Fri, Nov. 21, 2008 02:33PM
Modified Fri, Nov. 21, 2008 03:46PM
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closeBracing for a prolonged economic slump, Ply Gem Industries plans to close two manufacturing plants and shed 306 jobs in New Jersey and Arizona.
The housing materials company, which employs about 30 people at its Cary headquarters, remains on track to expand to 100 people here over two years, said chief financial officer Shawn Poe.
Ply Gem makes windows, doors, siding and other materials for the housing sector that caused a global economic collapse when it crashed this year.
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With bleak prospects ahead, Standard & Poor's Rating Services put Ply Gem’s credit rating under review and warned the company’s business will suffer next year as fewer homes are built and fewer homeowners invest in repairs and remodeling.
Ply Gem’s sales are down about 10 percent for the first nine months of 2008, compared to the same period last year, Poe said. The company moved to Cary from Missouri last year with the promise to create 100 jobs in exchange for $200,000 in incentives from the Town of Cary and from the state’s One North Carolina Fund.
Ply Gem employs more than 5,000 in North America and has a warehouse in Fayetteville and a manufacturing site in Fair Bluff.
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