OKLAHOMA CITY - A crane company has closed its plant in Waverly, Iowa and moved operations to its Oklahoma City plant.

Terex Cranes announced the move Monday and says 175 workers have lost their jobs.

“The transfer of our Waverly product lines to our Oklahoma City location is consistent with our continuing strategy to win in the marketplace by aligning our costs with market demands, optimizing our manufacturing footprint and investing in our future,” said Vice President and GM Dean Braley.

The company says Terex has made millions of dollars of upgrades at its Oklahoma City location.

The company says the Waverly operation was established in 1941 by brothers Vern and Wilbur Schield. The operation became part of Terex in 1987.

The Associated Press contributed to this report.