Hyosung USA is closing an Asheboro wire plant it bought a little more than a year ago and laying off 310 people.
The company announced the closure in a letter filed last week with the N.C. Department of Commerce. The layoffs are expected to take effect between Dec. 1 and Jan. 25 of next year.
The company cited the “changing global business climate” as the reason for the closing, said Bonnie Renfro, president of the Randolph County Economic Development Corporation.
Goodyear built the plant in 1984 and operated it until September 2011, when it was acquired by the Korean company Hyosung. The plant makes steel wire that is used in large industrial and truck tires.
Renfro said Hyosung was the 16th largest employer in the county.
“It’s a lot of jobs and they were high-quality jobs,” Renfro said. “It hurts a lot.”