Racine-based Twin Disc Inc. is shuttering its India manufacturing plant as it continues to restructure its operations.
In an SEC filing today, the company revealed it began exiting its manufacturing operations in India in March, closing its factory there.
The employees at the facility will be laid off, the lease at the plant will be terminated and the plant’s equipment will be sold or disposed of.
Twin Disc also continued to reduce the size of its workforce in its U.S., Belgium and Italy manufacturing plants through voluntary and involuntary separation programs. It has eliminated 156 full-time employees from the manufacturing segment since June 2015.
Twin Disc reported goodwill and impairment charges of $2.6 million in the fiscal third quarter ended March 31. Restructuring expense was $293,000 in the third quarter.
Twin Disc began restructuring actions in late 2015, and continues to cut costs as it works to adjust to global headwinds in the oil and gas, global pleasure craft and commercial marine markets.