Hyosung is closing its tire cord plant in Scottsville by the end of January.
Plant manager Roger Hutchins attributed the shutdown to the slumping economy and pressure from global manufacturers.
The plant's 106 workers were notified of the shutdown Tuesday.
Scottsville Mayor John R. Snoddy IV says the plant has provided good jobs and a sense of pride and accomplishment to the area for many years.
Charlottesville Regional Chamber of Commerce President and CEO Timothy Hulbert says the plant is a significant employer in the region.
According to the Scottsville Museum, the Defense Plant Corp. built the facility in 1944. Hyosung acquired the plant in 2002.