| The company announced that it has completed its evaluation of plant rationalizations associated with the August acquisition of Central Can Company located in Chicago, IL. The company will close two metal packaging plants located in Chicago, IL and Brampton, ON and move business and certain equipment into the recently acquired Central Can Company facility. The Chicago plant consolidation, which will create the second largest plant in the company's manufacturing network, is expected to be completed during the company's second fiscal quarter (ending March 31, 2010). Annual synergies from the rationalization, estimated at $6M, are expected to be phased-in during fiscal 2010 beginning in the second fiscal quarter. The company expects to record restructuring charges associated with this initiative of approximately $3.1M and accelerated depreciation of $0.8M during fiscal 2010, and make capital expenditures of approximately $2.5M to facilitate the consolidation and make productivity improvements. :theflyonthewall.com |
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