As part of the restructuring, Symmetry’s Auburn, Maine, operations will be consolidated into other existing facilities by the middle of 2010, according to the release. The consolidation will include the transfer of current production capacity, including equipment and machinery.
The restructuring, once complete, is expected to generate an ongoing annualized cost savings of approximately $3.4 million, on a pre-tax basis. The total one-time cost of these actions is anticipated to be in the range of $2.4 million to $2.8 million, according to the release.
Symmetry will incur a fourth quarter 2009 restructuring charge of between $1.8 million and $2.2 million, on a pre-tax basis, consisting primarily of severance costs and impairment of property, plant and equipment, according to the release. An additional $0.4 million of related expense in 2010 resulting from relocation and equipment moving expenses will also be incurred.
Read the release about Symmetry’s restructuring plans.
