Reuters logo
UPDATE 1-Knoll to move some manufacturing ops from Grand Rapids
March 18, 2010 / 9:14 PM / 8 years ago

UPDATE 1-Knoll to move some manufacturing ops from Grand Rapids

* Move to result in workforce reduction

* Knoll to record charge of $7.5 mln

March 18 (Reuters) - Office furniture maker Knoll Inc (KNL.N) said it will relocate some manufacturing operations at Grand Rapids, Michigan to other sites to better align its manufacturing footprint with demand.

The move, which includes voluntary and involuntary layoffs, will result in a charge of about $7.5 million to be recorded from the second quarter of 2010, Knoll said in a regulatory filing.

The company will relocate some of its warehouse distribution centers into the Grand Rapids site in order to make use of available space.

Office furniture makers have been hit by weak demand, high office vacancies and corporate downsizing as firms cut costs to weather the downturn.

The restructuring will commence in the second quarter of 2010 and continue through the second quarter of 2011.

Shares of the company were up slightly at $12.70 after the bell. They closed at $12.54 Thursday on the New York Stock Exchange. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Maju Samuel)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below