More than 100 people are losing their jobs in Scottsville. The Hyosung plant will shut down by the end of January.

Word of the closure was broken to all 106 employees Tuesday morning and afternoon. Plant manager Roger Hutchins says that the slumping economy and pressure from global manufacturers cut into their ability to make a profit building tire cords.

The plant has been in Scottsville for decades. In April of 2003 former Governor Mark Warner announced Hyosung's $7-million acquisition of the facility, applauding the Korean company's investment in Virginia.

Scottsville's mayor, John R. Snoddy, IV issued the following statement Tuesday evening:

"The Town of Scottsville is deeply saddened to learn of Hyosung's plans to close their Scottsville tire plant. For many years the tire plant has provided the citizens of the Town of Scottsville and the surrounding area with good jobs and a sense of community pride and accomplishment. It is extremely unfortunate that Hyosung has chosen this time of year to so negatively impact its 106 Scottsville employees; the Town's deepest sympathies go out to those individuals and their families."

Reported by NBC29 HD News