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PERU, Ind. — A Miami County factory that employs more than 300 people is set to close.

Schneider Electric announced Friday that it will close its Square D site in Peru and lay off 306 workers. 

The plant produces switchboards, switchgears, and other electrical components.

Schneider said Friday that it is moving operations from Peru to other states and Mexico “in response to competitive market dynamics and to meet the needs” of customers.

The company and the union that represents Schneider workers, the International Association of Machinists and Aerospace Workers, plan to meet this week to discuss the closure.

Schneider Electric has a history of layoffs at its Peru site, with several rounds of job cuts since 2016. Layoffs in late 2017 and early 2018 eliminated 130 jobs.

(Photo by Bill Pugliano/Getty.)