Griffin industrial services says it is shutting down
A Georgia-based manufacturing company says it will shutter its factories, cut back on workers and suspend production after years of declining sales.
Griffin Industrial Services said Tuesday it would shut down its facilities and stop paying payroll.
The company’s parent company, Griffin, announced last month that it would shutter two facilities.
Griffin said it had more than $4.5 billion in revenue for the year ended Sept. 30, down from more than a billion dollars in 2016.
In a letter to investors, Griffin CEO Robert L. Griffin wrote that the company is working with the Department of Labor to develop a plan to close and suspend operations.
The company has been operating in Georgia for nearly 40 years and had been operating at a loss until the recession, Griffin said.
It had about 200 employees and about $30 million in revenue.
The workforce is expected to be cut by nearly 25 percent.
Griffiths production facilities include two in Brunswick and one in Augusta.
It is not known if it will be able to continue operating in Brunswick or if it plans to relocate.
It has about 150 employees and $5.4 billion in revenues.
Griffs owner said it expects to begin hiring employees by the end of the year.
Grays company employs about 1,000 people and employs more than 300 workers.