The Groz-Beckert Group has announced the closure of its Bedford, Quebec plant, Exeltor, effective today. Exeltor manufactured knitting needles for hosiery and large diameter fabric producers. Changes in the global industry have resulted in declining demand for Exeltor's products.

 Exeltor is a subsidiary of the Groz-Beckert Group, an international needle manufacturer based in Germany that markets its products in 150 markets. Groz-Beckert acquired Exeltor in 1993 when the Bedford company was in serious financial difficulty. Without any government assistance, Groz-Beckert invested a significant amount of money to upgrade the plant and increase its competitiveness. These investments allowed the Company to continue its operations in Bedford for 15 more years.

 "It is with deep regret that we close the Bedford plant. I would like to sincerely thank all the plant's employees for their dedication and excellent service over these many years," said Hans-Jurgen Haug, Senior Executive Vice-President of Groz-Beckert, who announced the plant closure to employees in Bedford this afternoon.

Exeltor's 140 Bedford employees will receive a severance package and have access to the Company's Employee Assistance Program through which they can receive counselling and other services.

About Exeltor/Groz-Beckert Group

Exeltor manufactured knitting needles for hosiery and large diameter fabric producers and traced its origins back to 1884 in Bedford. Exeltor was a subsidiary of the Groz-Beckert Group, a Germany-based manufacturer of needles for home and industrial applications. This family-owned company, founded in 1852, employs more than 7,000 people and sells its products in 150 markets worldwide.