Paoli Inc. plans to close a furniture factory in Orleans, Indiana, resulting in 467 lost jobs, according to press reports.

The 90-year-old manufacturer, which is owned by HNI Corp., will lay off employees between January and March.

“We want to be very transparent in this process to help our people transition,” Gary Carlson, an HNI spokesman, told the Times-Mail. “We are phasing it out, not going in and closing it immediately. We will continue to work with people on the transition and offer severance packages.”

The company will likely move the Orleans manufacturing processes to HNI companies in Iowa, North Carolina and New York, Carlson told the newspaper.

Paoli is a mid-tier performance contract office furniture brand and was established in 1926, according to its website. Muscatine, Iowa-based HNI is the second-largest office furniture manufacturer by sales behind Steelcase Inc.

"Economic uncertainty is weighing on our markets making them more dynamic and difficult to predict than recent periods," Stan Askren, chairman, president and CEO of HNI, said in a Sept. 19 revision of the company’s third-quarter sales guidance.

HNI has a market value of about $1.7 billion while its stock has declined 20 percent in the past 12 months.