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Laird, the engineering group, has announced a 75% reduction in its 1998 pre-tax profits due to start-up losses at it new US automotive sealing plant and restructuring costs in Germany.
The ยฃ34.5 million US sealing plant made an operating loss ofยฃ16 million, with the start up losses further compounded by problems in obtaining raw materials from local sources. The group expects the US sealing business to make a further loss this year before moving into profit in the final quarter.
The pre-tax profits of ยฃ23.7 million also included an exceptional charge of ยฃ14.3 million for the restructuring costs of its German sealing operations, which resulted in the loss of 350 jobs. However, it is expected to produce ยฃ5 million in annual savings for the group.
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Federal-Mogul Corporation has announced solid Contact: Wynn's International, 500 North State results for the fourth quarter and full year 1997. amid College Boulevard, Suite 700. Orange, California, a year of aggressive restructuring.
## Crane appeals against court's decision In the continuing Coltec merger saga, Crane has filed an appeal in the US District Court of Appeals against the previous ruling that allows the US$1.3 billion acquisition of Coltec Industries, the producer of landing gear and industrial sealing systems, by