Ford Motor Co. will close its Leamington Foundry facility in Warwickshire, U.K. in July, a move that will affect 365 workers.

Ford says the foundry has become uncompetitive and closing it will save the auto maker $21 million annually.

Leamington workers will be offered early retirement, voluntary redundancy or redeployment to other Ford facilities, the auto maker says.

The foundry, which opened in 1940, produces castings for brake drums and discs.