03.26.2008 5:15 am
Belden to close plant in Connecticut
St. Louis Post-Dispatch
FROM THE ASSOCIATED PRESS
Belden Inc. said Tuesday it will close a plant in Manchester, Conn., as a cost-cutting move, affecting 132 employees.
Activity at the plant will end by September, the Clayton-based maker of electronic cables said. The plant makes copper cable products for data networking, a function other plants will assume.
The company expects severance charges of $1 million to $2 million and impairment charges of $8 million to $11 million, mostly recorded in the first quarter.
The move is expected to hurt earnings by 11 cents to 16 cents per share, Belden said.
Belden expects the closure to save $5 million annually beginning in 2009.
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