Loading...
Loading...
Xerium Technologies, Inc.
, a leading global manufacturer of
clothing and roll covers used primarily in the paper production process, is
announcing today the closing of 2 more of its manufacturing plants, the
further reduction of headcount in Europe and the movement of polyurethane roll
casting equipment to China. Within the last year, the company has initiated
the closing of 4 manufacturing operations, installed new machines in low cost
countries, and lowered its SG&A costs. The company is in the beginning stages
of a multi-year repositioning of its cost structure and asset base to better
mirror its served markets.
Xerium has commenced negotiations to close its paper machine clothing facility
in Zizurkil, Spain with its employees' representatives and is closing its
spreader roll facility in Charlotte, North Carolina. The company expects
permanent annualized cost savings of $3.2 million from these actions.
The measures announced today are additive to previously announced cost
restructuring actions. Those previously announced actions are expected to
result in annual savings of $13.8 million, bringing the cost-takeout total to
$17.0 million. These cumulative actions include:
* Reduction of selling costs in Europe via termination of sales agency
agreements
* Closure of clothing production operation in Argentina
* Closure of roll covering plant in France
* Reduction of base costs in Europe via headcount reduction
* Closure of clothing plant in Spain
* Closure of roll covering plant in North Carolina
* Redeployment and expansion of capabilities and capacity in China and
Mexico
Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted In: News
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in