Kimball Electronics has announced plans to close its manufacturing plant in Tampa, resulting in significant layoffs following a notable drop in profits. The Jasper, Indiana-based electronics manufacturer reported a staggering 70% decline in net income in its latest quarter, with net revenue dropping by nearly 15%, falling from $438 million to $374 million compared to the same period last year, as outlined in the company’s Nov. 4 earnings report.
250 Employees in Tampa to Face Layoffs
The Tampa facility, located at 13700 Reptron Blvd, will begin its layoffs of approximately 250 employees starting Jan. 5, 2025. By the end of June, the plant is expected to close permanently. This move is part of a broader restructuring as Kimball prepares to transfer the majority of its Tampa production to a newly expanded facility in Mexico, driven by customer preferences and an evolving perspective on U.S. manufacturing, according to CEO Richard Phillips.
