Dura Automotive (NASDAQ:DRRA)
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From Jun 2019 to Jun 2024
DURA Automotive Systems, Inc. (Nasdaq:DRRA), today
announced that it will close its Brantford, Ontario, manufacturing
facility by June 2007. The 66,000- square-foot plant makes a variety
of automotive column shift assemblies. The facility closing will
impact approximately 120 jobs and the company will transfer Brantford
production to other DURA facilities to improve overall capacity
utilization. Facilities receiving the work will be announced at a
later date.
"This was a difficult, but necessary, decision based on the
competitive business environment in the automotive industry and we
recognize the impact this will have on our employees and the
community," said Larry Denton, Chairman and Chief Executive Officer of
DURA Automotive. "We sincerely thank our Brantford employees for their
service and dedication.
"As we move forward with our '50-cubed' initiatives, we will
continue to drive our worldwide efficiency by optimizing DURA's asset
utilization rates and streamlining processes throughout the entire
organization. We are committed to ensuring continued high performance
in product quality and delivery for our customers as we transition
toward an improved 'best-in-cost' position."
On February 9, 2006, DURA announced an initiative named 50-cubed
that established heightened performance goals in quality, worldwide
efficiency and profitability. The initiative included a facility
restructuring plan projected to result in the closure of five to 10
manufacturing facilities worldwide by the end of 2007. The company
currently has a presence in 14 countries and has 63 locations
including its manufacturing facilities, technology and customer
service centers and joint venture companies. The Brantford facility is
the first facility closure announced as part of the 50-cubed
initiative. The company will announce further closure locations as
information is available.
About DURA Automotive Systems, Inc.
DURA Automotive Systems, Inc., is a leading independent designer
and manufacturer of driver control systems, seating control systems,
glass systems, engineered assemblies, structural door modules and
exterior trim systems for the global automotive industry. The Company
is also a leading supplier of similar products to the recreation
vehicle (RV) and specialty vehicle industries. The company had 2005
sales of $2.35 billion. DURA sells its automotive products to every
North American, Asian and European original equipment manufacturer
(OEM) and many leading Tier 1 automotive suppliers. DURA is
headquartered in Rochester Hills, Mich. Information about DURA and its
products is available on the Internet at www.duraauto.com.
Forward-Looking Statements
This press release contains forward-looking statements that are
subject to risks and uncertainties. These statements often include
words such as "believe", "expect", "anticipate", "intend", "plan",
"estimate", or similar expressions. These statements are based on
certain assumptions that the Company has made in light of its
experience in the industry as well as its perspective of historical
trends, current conditions, expected future developments and other
factors it believes are appropriate in the circumstances. Actual
results may differ materially from the anticipated results because of
certain risks and uncertainties, including but not limited to (i)
expected synergies, economies of scale and cost savings from the
Company's announced restructuring plans; (ii) unanticipated
difficulties servicing the indebtedness of the Company; (iii) costs or
operational difficulties related to integrating the operations of the
acquired entities with those of the Company being greater than
expected; (iv) labor disputes involving the Company or its significant
customers; (v) risks associated with conducting business in foreign
countries, and (vi) general economic or business conditions affecting
the automotive industry, either nationally or regionally, being less
favorable than expected.