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News Breaks
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July 13, 2011
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| 06:11 EDT |  | ERII |
| theflyonthewall.com: | Energy Recovery moves Michigan manufacturing operations to California | | Energy Recovery announced the planned consolidation of its North American manufacturing operations. Under the plan, the company will move its operations in Michigan, where its pumps and turbocharges are currently assembled, and relocate those activities to its existing headquarters and production center in San Leandro, California. The company expects to record non-recurring expenses in the current year of approximately $4.7M—which includes a loss on sale of $1.3M, moving costs of $0.4M, and employee severance and other estimated transition costs of approximately $1.8M. ERI anticipates that the consolidation will generate recurring cost savings in subsequent years on the order of $3.0M, resulting mainly from reductions in headcount and other overhead expenses. ERI expects impact on cash flow to be minimal. :theflyonthewall.com |
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