• Most Popular
  • Most Shared

UPDATE 1-Ceradyne to close French plant, cut jobs

Tue May 19, 2009 9:02am EDT

Stocks

   

*French plant to close

*Most charges expected in Q2

ATLANTA, May 19 (Reuters) - Defense contractor Ceradyne Inc (CRDN.O) said on Tuesday that it plans to close a French plant, cutting about 95 positions, as it seeks to lower manufacturing costs.

The company said the plant in Bazet, France, would close later this year, and work done at the facility would be transferred to its German unit.

Ceradyne, which makes ceramic plates used in armor worn by U.S. soldiers, said it expects pretax charges of $11 million to $13 million tied to the closure, the majority of which will be recorded during the second quarter.

Ceradyne had said it was considering more job cuts last month, when it posted a 99 percent fall in first-quarter profit as orders fell. (Reporting by Karen Jacobs, editing by Gerald E. McCormick)



More from Reuters

A man dressed as talks on a telephone during his visit at the Benjamin Bloom National Children Hospital in San Salvador December 17, 2009.

Making the call on stocks

Looking for something special to put under your favorite investor's tree? These shares may provide the best upside surprise.  Full Article 

A customer orders food at the newly opened Island Salad restaurant in Harlem in New York December 16, 2009. REUTERS/Finbarr O'Reilly

Food fight in Harlem

In a neighborhood where hamburgers and tacos reign supreme, one entrepreneur is waging war on obesity -- one salad at a time.  Full Article