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HNI Corp to close Virginia plant; hit 370 jobs

Fri Oct 5, 2007 8:53am EDT

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Oct 5 (Reuters) - HNI Corp (HNI.N), a maker of office furniture and fireplaces, said it will close its Richmond, Virginia plant during the first half of 2008, affecting 370 jobs, in a move to cut costs.

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Production at the Richmond plant will be moved to its Georgia and Iowa plants, and the realignment is expected to save more than $10 million annually once fully implemented in 2009, the company said in a statement.

Related charges will impact pretax earnings by about $15 million to $17 million over 2007 to 2009, it added. (Reporting by Aditi Samajpati in Bangalore)

Mergers & Acquisitions


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