Tonawanda, N.Y. — Sumitomo Rubber announced Thursday it will close its western New York tire manufacturing plant and eliminate all 1,550 union and salaried jobs. The Japan-based company said attempts to control costs, along with investments in the aging facility, had failed to offset mounting financial losses.

Citing its inability to make tires profitably at its Tonawanda, N.Y., factory, Sumitomo Rubber Industries has decided to close the 102-year old factory which has 1,300 hourly workers.

Sumitomo Rubber Industries is closing its factory in Tonawanda, N.Y., and dissolving its Sumitomo Rubber USA subsidiary there, resulting in the loss of over 1,500 jobs.

Senior Reporter Eileen Buckley reports live from outside the Sumitomo plant in the Town of Tonawanda. Biden might want to crimp Iranian and Russian oil revenue once he doesn't have to worry so much about gasoline prices at home.

Sumitomo Rubber announced Thursday it will close its western New York tire manufacturing plant and eliminate all 1,550 union and salaried jobs. The Japan-based company said attempts to control costs,