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E1Paso, Texas fastener manufacturing facilities and the consolidation of the production into other facilities; the closure and write-off of its used machine tool equipment operations and pump packing operations; severance and other related costs associated with various personnel reductions.
Robert Cone, president and chief executive officer (CEO), stated, "In response to the decline in profitability, we have undertaken cost reduction measures to increase gross margins and to lower operating costs. In the rivet manufacturing group within the fastener division we had five production facilities operating in the aggregate at well below capacity. To remedy this, we reduced our production facilities to three while simultaneously reengineering the manufacturing process at one of these facilities. In addition, we have reduced our labour force from 2212 at the end of 1998 to 1782 today. We will continue to identify opportunities to integrate our operations, which could result in further consolidation of our facilities or in some cases closure of certain facilities, elimination of redundant costs, reductions in the work force and elimination of certain products."
๐ SIMILAR VOLUMES
Corp has reported record bookings and backlog for the first quarter of 2006. First quarter 2006 bookings of a record US$879 million include a negative currency effect of US$37.5 million and compare with US$686 million excluding divestitures during 2005. Backlog at the end of March 2006 increased 39%