Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Camco to Cut 800 Jobs in Plant Closure
Oct 20, 2003
 Printable format
 Email this Article
 Search

Camco, which makes, markets, and services home appliances, said it will cease manufacturing and warehouse operations at its plant in Hamilton, Ontario, Canada in December 2004, resulting in the loss of about 800 jobs.

In a press release, the company said the plant is no longer a viable operation due to lack of volume, overcapacity in the appliance industry, and the facility's inability to compete against newer and larger global manufacturing plants.
As a result of the closure, Camco expects to take an after-tax charge of C$64 million in the fourth quarter.

Camco Inc. said about 730 unionized workers, represented by the Canadian Auto Workers Union, and 70 salaried employees will be terminated in December 2004.

The company said the C$64 million after-tax charge consists of a provision for employee severance costs of C$19 million after tax; a provision of C$23 million after tax for pension wind-up expenses; and a writedown of C$23 million after tax for impaired plant and equipment assets.

It noted that, although the company will be recording a provision in the fourth quarter, actual cash disbursements will be made upon plant closure.

Camco said that, despite the Hamilton plant closure, it will continue to operate its Montreal manufacturing facility and its Canadian distribution and service functions. (Reuters)

Back to Daily News

 

Daily News

...........................................................

Oct 21, 2014: AHRI Annual Meeting Registration Remains Open

Oct 20, 2014: Electrolux 3Q Operating Income up 29%

Oct 17, 2014: Whirlpool completes purchase of majority interest in Indesit

Oct 17, 2014: Corrected: AHRI Annual Meeting Registration Remains Open

Oct 17, 2014: Walmart will moderate brick-and-mortar growth and increase capital spending on e-commerce capabilities

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014
May 2014: Appliance Magazine Market Insight: March 2014
April 2014: Appliance Magazine Market Insight: February 2014




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows