This is what happened to my old company that I used to work for. When I started with them they were owned by Baxter. When I left they were owned by Siemens. Now they’re owned by Beckman Coulter. The automated diagnostic testing system we helped make is still being used in clinical diagnostic labs all over the world because it works well and easily. The vultures who kept buying out the company only really cared how much money they could get out of it though. I dreamt once that I went back to the old site and found the company gone. Now this is true. The production building is either for rent or has some other business in it. The R&D building has Beckman Coulter in it. I don’t know where the actual production is now, but I bet part of it is in China or Mexico, where labor is cheap and regulations are not as strict as in California. This is the sad but inevitable effect of corporate greed.
(Edit to add)
Production is actually still going on in the same old building, just under new ownership. I was called and emailed about a job there, but it would be in a position that only requires a high school diploma and would be on the night shift. I don’t think it would be good to go back to a company that had let me go under such conditions.