Consolidated Precision Products Corp. is cutting jobs at its foundry in this Madison County community just four months after acquiring the high-tech facility.
CPP, one of the county's largest private employers, laid off about 40 of its 370 employees at the former Gray-Syracuse foundry on East Genesee Street last week, said Kipp Hicks, executive director of the Madison County Industrial Development Agency.
Lisa Ellis, human resources manager at the foundry, said she could not comment on the layoffs. Officials at CPP's headquarters in Pomona, Calif., could not be reached for comment. The foundry's workforce is not represented by a union.
Hicks said the company told him the layoffs were part of a restructuring under the foundry's new owner.
CPP acquired the foundry in late December when it bought ESCO Corp.'s Turbine Technologies Group for an undisclosed sum. ESCO, which is based in Portland, Ore., bought Gray-Syracuse Inc. in 1987.
Founded by H.P. Gray in 1943, the 100,000-square-foot foundry 17 miles east of Syracuse makes metal parts for jet engines and industrial gas turbines for power generation plants.
Hicks said the acquisition appeared to be a good strategic move for CPP because the foundry's products tie in well with CPP, a manufacturer of highly-engineered components and sub-assemblies for the commercial aerospace and defense markets. He said the layoffs came as a surprise.
Founded in 1991, CPP produces components for a wide variety of commercial and military aircraft, weapon systems, regional and business jets, and helicopters.
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