BRISTOL, Va. — Bristol Compressors International plans to undergo a major restructuring and eliminate 250 full-time positions by the end of the year.
The company announced the news Tuesday, saying a number of factors contributed to the decision, including the slow recovery from recession and the lowest level in new home sales in the past 40 years, which has impacted demand for the company’s products. Bristol Compressors manufactures compression technology for residential and commercial air conditioning and heat pump applications.
“In the face of challenging conditions, Bristol has developed a strong export business and continued to invest in new product development targeting high-efficiency products for the residential HVAC and commercial refrigeration markets,” according to a company release.
The company said the restructuring plan will help improve its competitive position and enable it to continue to provide customers with high-quality products and service.
“We have been part of this community for a long time, and we are taking the necessary steps to remain competitive through significant changes to our cost structure,” said CEO John Wadsworth. “Bristol Compressors has a reputation for providing high-quality products and services to its customers, which is a direct reflection of the quality of our employee base. We believe we have the best work force in the industry, and we will continue to be a company where all employees are focused on our customers.”
The company expects to complete its restructuring plan at the end of December. All active employees have been notified.
The company is working with the Virginia Workforce Center, Virginia Rapid Response Dislocated Worker Team and the Washington County Economic Development Office to address the needs of those employees who are affected by the restructuring.
Tuesday’s announcement is the latest in a string of bad news for the Twin Cities. In early November, Exide in Bristol, Tenn., announced it would close about half of its operations here and consolidate the work at other manufacturing plants in the United States. Some 233 Exide employees are expected to be impacted in the next 12 to 18 months. In addition, Exide is considering moving other operations from Bristol, which could impact another 236 Exide employees.
Earlier this year, Brightpoint Inc. announced it would close its Touchstone Wireless business in Bristol, Tenn., impacting 357 full-time employees and 256 temporary workers here. The layoffs were expected to be completed in September.
In addition, Pfizer announced it would cut jobs in Bristol after it acquired King Pharmaceuticals. The drug manufacturer cut nearly 120 commercial and support jobs in Bristol and announced plans to cease manufacturing operations here by 2014, eliminating another 130 jobs. It also plans to close its logistics center in Bristol by next year, impacting nearly 20 people.