Intertape Polymer Group announced Tuesday that it will close its Richmond plant.
The company said in a statement that the plant on Enterprise Drive would be closed in part because of improved production at other plants.
The Richmond site employed 70 people in 2011, according to the latest Kentucky Directory of Manufacturers. Established in 1995, it makes pressure-sensitive tape.
The majority of the Richmond production will be transferred to an Intertape plant in Carbondale, Ill.
"Any time we lose a plant and jobs in this economy, it's sad and depressing," Richmond Mayor Jim Barnes said Tuesday.
Madison County's unemployment rate for May was 6.9 percent, which was better than any of the seven counties surrounding it, except for Fayette County with 6.2 percent, according to the Kentucky Office of Employment and Training.
Intertape also announced Tuesday that the production of shrink film will be transferred from a plant in Truro, Novia Scotia, to Tremonton, Utah.
The company said the changes are to be completed late this year and early 2013.
Headquartered in Montreal and in Bradenton, Fla., Intertape employs about 1,800 people at 19 sites, including 12 factories in North America and one in Europe.