Seco Relocates Custom Tooling Division to US Headquarters, Closes Lenoir City Facility

TROY, Mich., April 2, 2013 – Seco Tools recently announced that it will relocate its Custom Tooling unit to its North American headquarters in Troy, MI.  This will allow the company to develop a center of excellence in engineered customer solutions by bringing custom tooling manufacturing together with engineering and design.  At the same time, Seco will close its Lenoir City, Tennessee, standard tooling facility due to changes in demand and production capacity.  The transition will begin in July 2013, and is expected to be complete by the second half of 2014.

"The decision to close the Lenoir City production operation was a difficult one for the company because of the extremely positive experience we've had in the area and the talented and dedicated team of people we work with there,” said Kurt Nordlund, president of Seco Tools, Inc. "The global market has not developed according to plans made seven years ago, which has resulted in excess capacity. Because of this, we need to modify our production model to accommodate actual market requirements and ensure we’re offering the best solutions to our customers. As Seco proceeds through this transition, we will do our best to assist our Lenoir City employees in finding new opportunities.”

Top global and North American management notified Lenoir City employees four months ahead of any employee changes and 18 months ahead of any actions concerning the facility closing to allow as much notice as possible and provide ample transition opportunity.  Employees in positions that will be transitioned to Troy, MI, will be offered the opportunity to relocate.

Additionally, the company proactively increased its separation offerings for displaced employees in light of changes in the economy over the last decade.  The Loudon County Economic Development Agency has contacted Seco, and the two organizations are partnering to develop a proactive plan to minimize the transition’s disruption on affected employees and the community.

Seco Tools will continue to communicate as plans are solidified and additional information is available.

About Seco Tools

Seco Tools is a leading provider of metalcutting solutions for milling, turning, holemaking and toolholding. The company prides itself on building close relationships with customers to effectively understand and address their needs. For more information on products and services from Seco Tools, please contact Lisa Seidl, Seco Tools, 2805 Bellingham Drive, Troy, Michigan 48083, Tel: 248-528-5444, Email: lseidl@secotools.com, visit www.secotools.com/us or follow us on Twitter at @SecoToolsUS.                                                              

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