Worthington Industries to close Claremore plant
Thursday, January 24th 2002, 12:00 am
By: News On 6
COLUMBUS, Ohio (AP) _ Worthington Industries Inc. said on Thursday that it will cut 500 jobs, or 7 percent of its work force, by shutting down or reducing operations at eight plants.
``Today's action delivers on a commitment that we made to our shareholders to ensure that our business segments are maximizing profitability,'' said John P. McConnell, the company's chairman and chief executive.
The company said the cuts affect all three aspects of its business _ processed steel, metal framing and pressure cylinders.
The company will close plants in Malvern, Pa.; Jackson, Mich.; Fredricksburg, Va.; and Claremore, Okla., and discontinue operations of two partnerships in Itu, Brazil. It will reduce operations at plants in Rock Hill, S.C., and Louisville, Ky.
The operations generate annual sales of $150 million, half of which will be covered by other Worthington facilities, the company said.
The company will take a $65 million pretax charge for the plan, which should be substantially completed in a year.
Worthington currently employs 7,500 people in 59 facilities in 11 countries. It has annual sales of about $2 billion.