Carbolytic Materials Company of Maryville has defaulted on a tax payment plan, and has reportedly shut down production and furloughed its employees, just five years after receiving a major boost from state economic development funds.

The Nodaway News Leader reports the plant has shut down and furloughed all its employees.

The mortgage holder foreclosed on the carbon black alternative manufacturing facility. It was bought at auction by an investment firm out of St Louis.

Five years ago, CMC received $12.4 million from the Missouri New Markets Development program and announced a partnership with the business incubator at nearby Northwest Missouri State University.