Automotive paint supplier Halting production after declining sales to its own customers has put a dent in the company’s stock price.
The San Diego-based company, which provides paint and accessories to several major automakers, said Wednesday it had reached a deal to shutter production of some of its products.
The news was first reported by Reuters.
In a statement, the company said it would no longer produce paint products to customers, and instead focus on sales to others.
The company did not disclose the specific brands or model years affected.
The deal with the paint supplier also includes a sale of some equipment and services to third-party vendors, according to a statement from Halting’s management.
A company spokesman said the company has not yet announced plans to sell off its remaining assets, but that it was “currently looking to sell the remaining inventory and assets.”
The company said the layoffs were “part of a comprehensive strategic plan to transform Halting into a sustainable, profitable, and socially responsible business.”
Halting has faced a series of challenges over the past few years.
It was among the first auto brands to lose customers in the face of declining sales and rising vehicle emissions.
It also had to spend billions of dollars to keep up with the cost of its vehicles.
In the fall, the Detroit-based manufacturer said it had about $2 billion in debt, according the Detroit News.