Coleman Cable (CCIX) Closing Manufacturing Facility In East Longmeadow, MA
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Coleman Cable (Nasdaq: CCIX) approved a plan to close its manufacturing facility located in East Longmeadow, MA. Coleman Cable found it necessary to take this action in order to align its manufacturing capacity and cost structure with the reduced volume levels resulting from the current economic environment. Production will be transitioned to the Company's East facility in Bremen, IN, with its Waukegan, IL and Texarkana, AR facilities providing backup capacity.
Coleman Cable estimates that the cost of the closure and relocation will be approximately $0.9 million, which includes $0.6 million for the acceleration of lease payments as well as cash expenditures of approximately $0.1 million for severance costs and $0.2 million for other costs related to the closure. Coleman Cable expects that the closure and relocation will be completed by May 15, 2009 and that the related costs will be reflected in the Company's financial statements for the second quarter of 2009.
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