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News Breaks
January 25, 2013
16:14 EDTXRMXerium Technologies to close two additional manufacturing plants
Xerium Technologies is announcing the closing of 2 more of its manufacturing plants, the further reduction of headcount in Europe and the movement of polyurethane roll casting equipment to China. Within the last year, the company has initiated the closing of 4 manufacturing operations, installed new machines in low cost countries, and lowered its SG&A costs. The company is in the beginning stages of a multi-year repositioning of its cost structure and asset base to better mirror its served markets. Xerium has commenced negotiations to close its paper machine clothing facility in Zizurkil, Spain with its employees' representatives and is closing its spreader roll facility in Charlotte, North Carolina. The company expects permanent annualized cost savings of $3.2M from these actions. "These closures, while difficult on the affected people and communities, are reflective of Xerium's need to restructure its cost profile and to better align its asset base with natural market sizes", said Harold Bevis, Xerium's President and CEO. "These actions demonstrate our management team's resolve to take immediate and continuous steps to get Xerium back on track to deliver increased Adjusted EBITDA and shareholder value." The measures announced today are additive to previously announced cost restructuring actions. Those previously announced actions are expected to result in annual savings of $13.8M, bringing the cost-takeout total to $17M.
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August 20, 2014
16:48 EDTXRMXerium Technologies to take $25.1M tax charge during Q3 on Brazilian tax matter
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