The error indicates that the server isn't responding to the PLC and we were not able to establish the connection. Since your server address looks fine, it sounds like a network layer issue, which could be many different things. If you have confirmed that the PLC's IP/Netmask/Gateway addresses are compatible with the server's, try power cycling the switch between the two devices. As crazy as that sounds, we have seen cases where the route table in the switch is wrong and it simply won't talk. This generally occurs when the IP address of one of the devices has been changed.
If there are other devices connected to the Modbus server, it may have a limited number of concurrent connection, and may be rejecting the PLC's connection.
We have also seen devices that would only accept one server connection...the first...after which it needed to be power cycled before it would accept a new connection. Powercycling the server is the answer there.
Finally, when all else fails, we're happy to look at a Wireshark trace.