A Kendallville machine shop in business for more than 50 years will close for good this month, a victim of the weak economy.
Hy-Matic Manufacturing Inc., 205 W. Ohio St., can’t afford to keep the doors open after losing its two largest customers, Caterpillar and Allison Transmission, President Rick Borger said Thursday.
His father and two partners founded the precision operation in 1961. Many of the 10 employees have already lined up other jobs, Borger said. He plans to close the operation after the last order is filled – probably the end of next week.
“It’s like losing a family member,” said the 63-year-old, who has never worked anywhere else.
The company’s assets, including CNC machines, will be put up for sale.