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As a result of this action, dielectric products that are currently manufactured in Uden, the Netherlands, will be transferred to other Ferro locations or discontinued, and the manufacturing site will be closed. In total, approximately 120 positions are expected to be eliminated as a result of the restructuring. The actions are expected to be completed by the end of 2010.
“We continue to take actions to optimize our cost structure and to focus our resources on growing, high-margin opportunities,” said Mike Murry, vice president of Electronic, Color and Glass Materials.
The company expects to record net charges of approximately $13 million during 2010 related to the costs of this restructuring action. The charges include approximately $9 million in severance charges and approximately $3 million in site cleanup and shutdown costs. Possible non-cash impairments of the property and equipment related to this restructuring action have not yet been determined. The initiatives are expected to generate pre-tax cost and expense savings of approximately $6 million on an annual basis.
Additional details are available at www.ferro.com.