The company is letting go of 230 employees. Almost half of those workers are the Roanoke facility.
"I don't really know how big an impact but I'm sure we'll feel the hurt a little bit," said Bob Huschen, Mayor of Roanoke.
He said the company has been in town for more than a decade.
"They've employed a lot of people. It's been a big help to Roanoke. We of course wish them the best but wish they could stay," Huschen said.
He said he hopes other businesses like Gingrich Enterprises Inc. and Parsons will be able to hire some of the employees who are being let go.
Bob Parsons said his company is expanding and building a new plant in Goodfield. Parsons said his company says plans to hire up to 50 new employees within the next year.
"I think that a lot of it will be offset by those two companies and other businesses that might buy this building, rent this building and bring another company in town. I made a few calls, at least three or four calls on that already," said Huschen.
Huschen says Roanoke's financial situation is 'rock solid,' and that may help the village bounce back quickly.
"Found that from the time we started in 2009 when we took office, the money in the general fund is well over doubled," he said.
ThyssenKrupp says severance packages will be handed out to the employees who are let go.