An auto parts factory in the Waterloo area is announcing plans to close, eliminating 150 jobs. Traer Manufacturing in Traer plans to start layoffs this July, with the full shutdown of the plant in July of 2008.
The parent company is Magna International, based in Ontario, Canada. Company officials blame the closure on the softening U.S. auto industry. Magna says it will try to place employees in other company plants and will offer other assistance.