The local economy has been dominated by automotive manufacturing, with two plants operated by Magna International, the Ford St. Thomas Assembly in nearby Talbotville, and a Sterling Trucks assembly plant. However, the 2008 global recession that impacted the auto sector ultimately trickled down to the city; the Sterling plant closed in March 2009, and the Ford plant closed in late 2011 for a loss of 1,400 jobs. A number of other, smaller auto parts plants also closed as a result, putting thousands more out of work. This had a domino effect on the other part manufacturers in town, such as Lear Seating. One automotive materials supplier, A. Schulman, had previously closed its local manufacturing plant in 2008, one of the first actions of a new CEO installed in January.