July 13, 2004 – St. Croix's unemployment situation is about to get worse. Transducer Technology Inc., located in the Industrial Development Park, announced in a release issued on Monday that it will be closing its plant in the first quarter of next year. About 125 Crucians will lose their jobs.
The company pledged in the release to give its terminated employees a severance package, career transition training, skill assessment and job search assistance.
Robert Meyers, president of Endevco, an affiliate of Transducer Technology, said in the release, "Our competitive landscape has changed dramatically over the last 20 years. We are now doing business in a truly global economy and our customers are demanding that we manufacture our products in as cost-efficient manner as possible."
Transducer Technology is an Economic Development Program beneficiary. The plant produces electronic measuring devices, according to the Economic Development Authority Web site.
Contacted by telephone Tuesday morning, the plant general manager said he did not want to comment on the situation.
Although no exact date has been set for the shutdown, Meyers said, "the closure will not occur sooner than Dec. 31, 2004."
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