Hedge fund billionaire John Paulson, a prominent donor to former President Donald Trump and a vocal advocate for protective tariffs, is shutting down his Ohio manufacturing plant and moving production to China, according to a new report. This decision contradicts his previous public statements opposing the offshoring of American jobs.
Plant Closure and Layoffs Announced
Paulson's company, Conn Selmer, which is the leading manufacturer of orchestral and brass instruments in the United States, has notified employees that it will shift most operations from its East Lake plant in Ohio to Asia by July. This move is expected to trigger approximately 150 layoffs, as reported by The Guardian.
Employees were informed of the decision last month, coinciding with the expected negotiation of a new union contract. The United Auto Workers Local 2359, representing the workers, stated that the company had unveiled a new plant in China in 2025, and work has been gradually transitioning to that location. Previously, workers in Ohio had been assured that their jobs were secure.
Worker Reactions and Company Response
Workers at the Ohio plant expressed deep dissatisfaction and a sense of betrayal. One employee remarked, "It really pisses me off," while another echoed feelings of being let down by the company's reversal. A representative for Conn Selmer confirmed that, if a tentative decision is finalized, the firm will move some production out of the country. A company spokesperson did not immediately respond to a request for comment from The Independent.
Paulson's Political and Economic Stances
John Paulson, with an estimated net worth of $4 billion according to Forbes, has been a major backer of Donald Trump for years. During Trump's first presidential campaign, Paulson served as an economic advisor, and he raised $50 million for Trump at a 2024 fundraiser in Florida. He was also shortlisted for the position of treasury secretary, which ultimately went to another hedge fund investor, Scott Bessent.
Paulson has publicly expressed support for Trump's tariff agenda. Shortly before the 2024 election, he told Semafor that a 10 to 20 percent tariff to boost American manufacturing would be reasonable, arguing it would support domestic jobs and investment. Two months earlier, he told CNBC that Trump's tariff plans were "well-founded" and opposed moving jobs overseas, stating, "We can't have American producers closing American factories and offshoring."
Hypocrisy Allegations and Broader Context
Robert Hines, president of UAW Local 2359 and a worker at the Conn-Selmer plant, criticized Paulson's decision as hypocritical. Hines told The Guardian, "To go publicly on CNBC to support the Trump administration's positive views on tariffs and all that stuff, and then you turn around and [say you] want to go send the work right over to China. It's a slap in our face."
This move occurs against a backdrop of declining U.S. manufacturing jobs. Since last spring, when Trump implemented aggressive tariffs aimed at reviving blue-collar jobs, the industry has shed 8,000 jobs in December alone, according to the Bureau of Labor Statistics. Overall, employment in the sector has fallen by more than 70,000 since April, dropping to about 12.69 million as of December, marking the worst reading since March 2022, as reported by Reuters.
