GKN purchased the business, formerly known as the PresMet Corporation, in 2001 from the Boorky family trust when PresMet had about 350 employees and reported sales of $36 million. The PM operation was founded in 1944 by Morris Boorky, his brother Harry E Boorky, and Carl G Johnson, then a professor at one of the USA well known PM centres, theWorcester Polytechnic Institute. GKN originally purchased the business in 1972 but sold it back to Morris Boorky in 1980.

A GKN spokesperson says the closing decision was based on overcapacity in North America and loss of volume. The Worcester Telegram & Gazette reported that GKN has invested about $14.8 million in the plant, mostly for equipment. City officials will seek to decertify a tax-break arrangement whereby GKN received a reduction of increased taxes from the added value to the property. During the past three years GKN has also closed three PM parts plants in Owosso, Zeeland, and Romulus, Michigan.