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

York Announces Restructuring
Sep 21, 2005
 Printable format
 Email this Article
 Search

HVAC appliance maker York International Corporation announced a restructuring program designed to improve its cost structure and service to its customers. The actions, which will be concentrated in Europe, will begin in the third quarter of 2005 and are expected to be fully implemented by March 2007.

The program includes plans to divest non-core operations at an appropriate price, close one manufacturing facility and significantly downsize another factory. The actions are expected to reduce the Europe, Middle East and Africa (EMEA) region workforce by approximately 1,300 employees, or 20 percent.

President and CEO C. David Myers said, "These actions will support our objective to deliver significant long-term improvements in our operations. I am confident that the planned actions will be executed well and will allow us to better support our customers and position us for steady profitable growth in the European markets."

Under the restructuring program, in the event that York would remain an independent public company, U.S. $100 million of pre-tax expenses would be charged to the income statement over the next 7 quarters; cash expenses of approximately $75 million and capital expenditures of approximately $12 million should be largely offset by cash receipts of approximately $85 million from the sale of non-core operations and facilities; and streamlined operations should deliver pretax savings of approximately $35 million annually in 2007 and thereafter.

York says consolidating operations within the EMEA region enables it to achieve its "one York" goal of a pan-European business profile, deliver more comprehensive solutions and services to its customers and reduce inefficiencies associated with its current structure.

Back to Daily News

 

Daily News

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

Aug 29, 2014: Adaptive Frequency Drive Increases Trane Chiller Efficiency

Aug 29, 2014: Vitamix President Receives Entrepreneur of the Year Award

Aug 28, 2014: LG Heat Pump Clothes Dryer Earns Emerging Technology Award

Aug 28, 2014: Early Snowthrower Demand Boosts Toro Sales

Aug 27, 2014: Sustainability Standard Launched for Household Portable and Floor Care Appliances

More Daily News>>

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

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

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
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 | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows