Thu, Jun 09, 2011
Another Victim of These Tough Economic Times Succumbs
We keep hearing about how the economy is about to turn around
any minute now... but in the mean-time, the aviation landscape is
being littered with a terrifying body count... this time a major
airframe parts fabrication plant. Goodrich Corporation
has announced it will close its Marble Avenue landing gear
facility in Cleveland, Ohio by the end of 2012 due to 'program
volume decline and the lack of appropriate new work to
cost-effectively fill available capacity.'
In other words... the economy still sucks.
Approximately 400 employees are located at the facility which
supplies a range of landing gear equipment for commercial and
military customers. The activities currently performed at Marble
Avenue will be gradually transferred to other landing gear
On the financial side of the game, the cost is considerable.
Goodrich will record a charge associated with the facility closure.
The company expects to record pre-tax charges totaling
approximately $39 million of which 40 percent are non-cash.
Approximately $16 million ($0.08 per diluted share) will be
recorded in the second quarter of 2011 and approximately $5 million
($0.03 per diluted share) will be recorded in the second half of
2011. Approximately $15 million ($0.07 per diluted share) will be
recorded in 2012. None of these charges were included in the
company's 2011 outlook, released on April 21, 2011. The 2011
outlook will be updated for these items and other business-related
revisions as part of the company's second quarter results press
release on July 28, 2011.
Goodrich is a global supplier of systems and services to
aerospace, defense and homeland security markets.
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