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Officials tell The Daily Corinthian that the layoffs will take effect in early April. Workers were notified last week.
ThyssenKrupp officials say the current downturn in major construction and renovation projects has reduced demand for his company's products and services.
They say the market for new elevator equipment is about one-third of what it was three years ago.
ThyssenKrupp Elevator is the largest producer of elevator equipment in North America. It employees almost 14,000 people with annual sales of about $2.8 billion.
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