Borisch Manufacturing Corporation in Kentwood announced today the layoff of 120 of its hourly and salaried employees due to customer cutbacks “as a result of the current economic downturn.”
Borisch, a contract manufacturer of electronics and electronic assemblies for aerospace and defense industries, reportedly had about 350 employees one year ago when it began a $7.2 million expansion that was estimated to increase its total workforce to close to 500.
Jonathan L. Borisch, president of the company, told the Business Journal that all Borisch employees were advised in early November that a sudden onset of customer cutbacks were a cause of concern and could lead to a workforce reduction.
“Something seemed to happen” to its customers in the first week of November, Borisch said.
The company also announced today it was contributing $200,000 to an area non-profit organization to help families in financial distress.
Founded by Jonathan L. Borisch in 1994, the privately-held company had dramatic growth in recent years, with annual sales lately of about $85 million.