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Veyance Technologies closing Owen Sound plant; nearly 40 people to lose jobs

Veyance Technologies Canada has decided to close its Owen Sound operation, throwing almost 40 people out of work.

The company makes power transmission belts for automotive and industrial applications.

Veyance officials blame the decision on an excess of plant capacity in product lines manufactured in Owen Sound.

The operation has been downsized over the past few years.

Union officials and the company will negotiate an orderly plant shutdown.