Hannibal manufacturer closing, relocating operations to Mt. Pleasant
KHQA has confirmed that a Hannibal manufacturer will be closing for good by the end of this year.
Cosmoflex, located at 4142 Industrial Loop Road, has been producing rubber and miscellaneous plastics for about 10 years.
The company notified its 45 employees Tuesday night.
ContiTech, a company based out of Germany, announces the Hannibal operations will be relocated to a Mt. Pleasant facility in order to optimize the company's manufacturing footprint.
Antje Lewe, spokeswoman for ContiTech, released the following statement:
We work continuously to improve our competitiveness regarding all processes along our value chain. Our primary goal is to become one of the leaders in technology and efficiency. Therefore, we invest in new, state-of-the-art technology in our ContiTech plant in Mt. Pleasant, Iowa, to modernize our industry hose production, to improve the PVC product offering; and to extend the production capabilities. This leap in production technology gives us the bandwidth, capacity and ongoing support to better serve our customers’ needs. Continental thus remains committed to its strategic approach to be in the market for the market.
Unfortunately, this expansion results into a transfer of our current PVC hose operations, located in Hannibal, Missouri, to the Mt. Pleasant plant to optimize our manufacturing footprint. 45 employees will be impacted. Our intention is to find the best solution for the employees affected. In the coming months Continental will discuss individual opportunities. Continental will actively support those interested in applying for a transfer to Mt. Pleasant or will provide a severance package, if employees stay on until the end of production. The completion of the transfer is targeted for the end of December 2017.
ContiTech will be working with current employees in the coming months to discuss individual opportunities.