Mobile Mini (MINI) Restructures Manufacturing Operations; Cuts 135 Jobs
Mobile Mini, Inc. (NASDAQ: MINI) reported that as a result of the merger with Mobile Storage Group (“MSG”) and the successful consolidation of its North American locations, the Company is leveraging its combined fleet to satisfy the portable storage needs of its customers served by these 80 branches. As a result, Mobile Mini is restructuring its manufacturing operations by reducing overhead and laying off approximately 135 employees or 90% of the workforce at its Maricopa, Arizona manufacturing facility.
This restructuring should reduce capital expenditures during 2009 by at least $5 million, which will improve cash flow and permit Mobile Mini to continue to pay down borrowings.
The Company pointed out that its current guidance for 2008 excludes any charges relating to the restructuring of its manufacturing operations.
Mobile Mini, Inc. is a provider of portable storage solutions through its total fleet of approximately 283,000 of portable storage units and portable offices with 98 branches in the U.S., United Kingdom, Canada and The Netherlands. [SM]
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