Thomas Equipment Inc. Wednesday said it will close its Busan, South Korea manufacturing, engineering, and sales complex.
The company recently announced a broad-based restructuring designed to revitalize the company in order to address short-term needs. The South Korea skid loader manufacturing operation was completed last year but has failed to achieve the production and financial goals expected from it, the company said.
The South Korea complex was focused primarily on the design and production of the Model 155 skid steer loader and also housed sales and operations of other wholly owned business units of Pneutech Inc. Due to various technical and engineering issues, production of the Model 155 was never normalized and has not generated material revenue for Thomas. Thomas expects to resolve the engineering issues with the Model 155 within the next ninety days and produce it in its New Brunswick, Canada plant.