Bassett Furniture Industries announced Thursday that it will close its fiberboard manufacturing facility in Henry County by the end of the year.

The plant began production in 1970, according to a news release from Bassett. The closing will affect about 45 employees.

"Unfortunately, the local demand for medium density fiberboard has been depressed and no longer supports our long-term strategy," said Robert Spilman, president and CEO of the company.

Bassett reduced its payroll in March by about 50 positions throughout the company, according to The Associated Press.

-- Jordan Fifer