Residential door lock and hardware company ASSA ABLOY Americas Residential plans to terminate 87 employees by closing its Charlotte location, according to a filing with the N.C. Department of Commerce.
The first round of cuts will begin in late March, and the second round of cuts will begin in late July, according to the filing.
The employees aren’t represented by a union, and the company anticipates the closing will be permanent. In the first round of cuts, the affected jobs include 19 MPA specialists and one production specialist.
ASSA ABLOY Americas Residential expanded its business last year by acquiring 20 companies. President and CEO Nico Delvaux said, “Acquisitions continue to be an important strategic activity to accelerate profitable growth,” in the company’s third-quarter report.
The hardware solutions company also cut expenses “in light of the lower residential construction levels,” according to the company’s second-quarter report. The company’s third-quarter report confirmed that residential construction levels remained low.
The closure of ASSA ABLOY Americas Residential’s Charlotte location is the latest in a line of cost-cutting initiatives, including the acceleration of its MFP program.
The parent company is based in Sweden and has approximately 52,000 employees.
