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Bristol Compressors to close Washington County plant, eliminating 470 jobs
Bristol Compressors to close Washington County plant, eliminating 470 jobs
By Nick Shepherd | Bristol Herald Courier 5 hrs ago
BRISTOL, Va. —
Bristol Compressors announced Tuesday it will close its Washington County plant within two months, eliminating 470 jobs. ... “Bristol’s business has been struggling for years,” said Dalton Edgecomb, chief restructuring officer for the company. “It’s a competitive industry.”
Bristol Compressors has operated the plant for 43 years, opening in Washington County in 1975. It produced hermetically sealed compressors for air conditioning units, heat pumps, geothermal units and refrigeration units. ... Edgecomb said the most significant contributor of the closing was the loss of business in the Middle East. Because of that, the company could not maintain profitability.
....
The company went through two rounds of layoffs in 2016. During that year 180 employees were laid off due to depressed global oil prices and budget cuts by oil producing governments. ... Things seemed to be looking up when the company announced an exclusive global partnership with DHX Electric Machines in January. The deal was to develop new high efficiency compressors and systems which would be shorter, lighter and more efficient. ... Seven months later, the business is closing.
It is a big blow for Washington County. Bristol Compressors is the third largest employer in the county, behind only the school system and Food City.
....
Keep checking back with the Herald Courier for more on this breaking news.
By Nick Shepherd | Bristol Herald Courier 5 hrs ago
BRISTOL, Va. —
Bristol Compressors announced Tuesday it will close its Washington County plant within two months, eliminating 470 jobs. ... “Bristol’s business has been struggling for years,” said Dalton Edgecomb, chief restructuring officer for the company. “It’s a competitive industry.”
Bristol Compressors has operated the plant for 43 years, opening in Washington County in 1975. It produced hermetically sealed compressors for air conditioning units, heat pumps, geothermal units and refrigeration units. ... Edgecomb said the most significant contributor of the closing was the loss of business in the Middle East. Because of that, the company could not maintain profitability.
....
The company went through two rounds of layoffs in 2016. During that year 180 employees were laid off due to depressed global oil prices and budget cuts by oil producing governments. ... Things seemed to be looking up when the company announced an exclusive global partnership with DHX Electric Machines in January. The deal was to develop new high efficiency compressors and systems which would be shorter, lighter and more efficient. ... Seven months later, the business is closing.
It is a big blow for Washington County. Bristol Compressors is the third largest employer in the county, behind only the school system and Food City.
....
Keep checking back with the Herald Courier for more on this breaking news.
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