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Pretium Packaging LLC Announces Closing Of Manufacturing Operations Located In Pointe Claire-Form 8-K


Monday, 15 Jul 2013 02:54pm EDT 

Pretium Packaging LLC reported in its Form 8-K that it will be closing its manufacturing operations located in Pointe Claire, Quebec, Canada. The Company will be consolidating the Pointe Claire operations with its operations in its other facilities in Quebec, Canada and the United States. The Company expects to have substantially completed its consolidation activities by December 31, 2013. The Company's action is expected to eliminate approximately 65 positions. The Company expects to record pre-tax charges of approximately $6.0 million as a result of the facility closure and consolidation of manufacturing operations, consisting of (i) an approximately $1.8 million non-cash charge relating to the disposition of property, plant and equipment, and (ii) cash charges, including approximately $1.2 million for employee termination and retention benefits, approximately $2.5 million for remaining lease payments for the exited facility, and approximately $0.5 million in other associated exit costs. The Company expects to incur cash expenditures related to payment of employee termination and retention benefits, lease payments and other associated exit costs through the remainder of calendar 2013 of approximately $2.0 million, while the remaining lease payments will continue through the expiration of the lease agreement in October 2016. 

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