CRANSTON — More than 50 people here have lost their jobs after Scott Brass Inc., a metal manufacturer, closed its doors, an apparent victim of the global economic downturn and financial crisis.

Scott Brass, which operates a plant in Cranston and also has operations in Indiana, shut down on Oct. 10, said Joseph J. Bairos, secretary-treasurer of Local 251 of the Teamsters Union, which represented most of the workers at the Cranston plant.

“They were a good employer for a lot of years,” said Bairos, who is the local’s principal executive officer. “They just ran out of money.”

According to a formal notice of the shutdown issued by a Scott Brass official in Indiana, a “precipitous drop” in the price of copper reduced the value of the company’s inventory and made it difficult to obtain needed credit.

“This sudden and unexpected loss in value has resulted in uncertainties with respect to the company’s ability to obtain necessary funding from its principal financier, Wachovia Bank,” the notice said.

It also cited “recent uncertainties with Wachovia itself.” Wachovia Corp., of Charlotte, N.C., is being acquired by Wells Fargo, of San Francisco. Wachovia has suffered from significant losses on investments and loans related to the mortgage market.

Scott Brass said it remained hopeful that it could obtain financing at a future date.

There was little sign of activity yesterday at the company’s plant off Elmwood Avenue. The parking lot was nearly empty, and the door at the plant’s main entrance was locked.

A man who came to the door to answer the bell yesterday said “No comment” to a reporter’s questions.

Another man, who identified himself as a customer of Scott Brass, said the company’s problems involved financing arrangements with Wachovia and said that Scott Brass was trying to make other arrangements.

Scott Brass’s manufacturing operations involve copper, the price of which has fallen sharply this month. Demand has dropped amid falling stock prices, tighter lending conditions, lower sales in retail markets, and a decline in house construction, according to a report on the copper industry last week by Bloomberg News.

One casualty of the industry’s decline is Scott Brass, Bloomberg said. “Economic headwinds” slashed metals demand, while the falling value of inventories caused “liquidity issues,” , the Bloomberg report said, citing a spokesman for Sun Capital Partners Inc., which owns Scott Brass.

Scott Brass makes copper and brass strips for electronic and automotive connectors and other items.

The company was founded in 1956 by the Golden family, which last year sold the firm to Boca Raton, Fla.-based Sun Capital Partners, a private investment firm that focuses on leveraged buyouts and other arrangements.

Unclear yesterday was whether any debt was incurred in connection with the sale and, if so, to what extent any debt burden may have affected Scott Brass’ current financial picture.

At the time of last year’s sale, Barry S. Golden, Scott Brass president, wrote a letter to the company’s customers. He said the sale was the result of an effort to ensure “that we have the capital to guarantee the superior service that has become our trademark.”

Golden added, “The entire Scott Brass family is excited about our new investors and looks forward to better servicing our current customers while continuing to grow our position in the marketplace.”

Scott Brass has its headquarters in Cranston, with plants there and in Mishawaka, Ind.

Sun Capital said it has holdings in Boston Market, Bruegger’s bagel bakeries, Chrysler, Friendly Ice Cream, Smokey Bones restaurants and other companies.

Since Sun Capital’s founding in 1995, it said, its affiliates have invested in, and managed, more than 200 companies worldwide.

Bairos said the Cranston closing resulted in the layoff of “at least” 50 to 60 unionized workers, including drivers and manufacturing employees.

“They’re out of a job” as a result of Scott Brass’s sudden shutdown, he said.

However, Bairos said, “We’re not done yet.” The union hopes to schedule a meeting with company officials to discuss their plans about the company’s future, he said.

An Indiana television station said the shutdown of the Scott Brass plant there resulted in the loss of 78 jobs.

Overall, Sun Capital dismissed about 180 employees from its locations in Cranston and in Indiana, the Bloomberg report said.

ndowning@projo.com