It's part of the company's plans to streamline operations at its 24 manufacturing plants in North America.
Streator Mayor Ray Schmidt says he'll contact the company to see if the city can offer any incentives to avoid the layoffs. Schmidt retired from Owens in 2000 and says he didn't see the cuts coming.
The company says many of the laid-off employees will get severance packages. Plant personnel in Streator declined to comment.