The downfall came with two simple words:. Koch Industries. As much as they'd like to have you believe that they're a pro-American home grown company, nothing could be further from the truth. Almost immediately after taking over, the hack job commenced. Including sending just graduated college flunkies to the shop, armed with clipboards and canned questions designed to prove that it would be much more "beneficial" to send their tooling work overseas or down to Mexico (read cheap, unskilled, inexperienced labor). It turned out that the above mentioned cheap labor ended up costing them more money in fixing bad tooling(and subsequently more time as well) than our "expensive" skilled labor ever cost them.
To my former co-workers who are still there: I feel for you, being on an intentionally sinking ship, due to corporate slimeball tactics.
Best of luck and keep your resume' fresh and job searches active.