A New Jersey-based company has called off plans to build a shingle manufacturing plant in Missouri.

GAF Roofing said in a news release Thursday that sluggish market conditions and unexpected cost increases led it to cancel plans for the plant in Moberly.

The company announced in March that it planned to invest $148 million to build the plant in Moberly and would hire 125 employees.

GAF thanked Missouri Gov. Jay Nixon and the people of Missouri and Moberly for their support of the project but said it was forced by economics to cancel its plans.

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