Harvard Industries will shut down the major piece of its Hayes-Albion division by the end of June, after a potential sale collapsed and a major customer bailed out.
A deal to sell an Albion, Mich., foundry fell through last week after Visteon Corp. notified Harvard, which is operating under protection of Chapter 11 bankruptcy, that it would transfer work to other suppliers.
Chicago investment firm TMB Industries had submitted a letter of intent in April to buy Hayes-Albion but now says the purchase won't take place.
"We just didn't find the amount of support we'd hoped to find from the markets they were serving," TMB Chairman Tom Begel said. "We wanted some assurances."