Place it in factory (5)

I believe the answer is:

plant

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'factory' is the definition.
(a manufacturing plant)

'place it' is the wordplay.
'place' becomes 'plan' (I am not sure about this - if you are sure you should believe this answer much more).
'it' becomes ''t' (abbreviation. e.g. in 'tis).
'plan'+'t'='PLANT'

'in' acts as a link.

Can you help me to learn more?

(Other definitions for plant that I've seen before include "Put in the ground to grow" , "Snooker shot; factory" , "Set; factory" , "that goes to pot" , "Shrub - factory" .)

I've seen this clue in The Irish Times.

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