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Worthington Industries recently announced that it will close its engineered cabs facility in Florence, South Carolina, effective September 2015. The closure will impact approximately 310 employees.
The company also announced a workforce reduction impacting approximately 245 employees at its oil and gas equipment locations in Garden City, Kansas; Skiatook, Oklahoma; and Bremen and Wooster, Ohio.
"The weaker market conditions in engineered cabs combined with a need for significant capital investments to address production challenges led to this decision," said John McConnell, Worthington Industries' chairman and CEO. "We will be transitioning business to our Greeneville, Tennessee, operations to better serve our customers. These decisions that so deeply impact the lives of our employees are never easy or taken lightly."
Worthington will record a non-cash charge of approximately $81.6 million for restructuring and the impairment of the goodwill, intangible and certain fixed assets of the engineered cabs business, as well as a $2.3-million restructuring charge for severance benefits related to the workforce reductions at the oil and gas equipment locations.
Severance packages will be provided based on years of service, and employment assistance will be offered to employees in Florence and in the oil and gas locations.
Headquartered in Columbus, Ohio, Worthington is a value-added steel processor that employs approximately 11,000 people and operates 84 facilities in 11 countries.
For more information, visit www.worthingtonindustries.com.