Raytech (NYSE:RAY)
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From Jun 2019 to Jun 2024
Raytech Corporation (NYSE: RAY) today announced that as
part of its continuing strategy to improve production and
profitability in its Domestic OEM segment, Raytech's subsidiary,
Raybestos Products Company ("RPC") plans to relocate its conventional
automotive assembly operations from Crawfordsville, Indiana to a more
cost competitive location. RPC expects such relocation to occur over
the next twelve to eighteen months and plans to work with its affected
automotive customers to develop the specific timing for such a move.
The decision to move the automotive assembly operations was made
after RPC's Crawfordsville, Indiana union voted not to open the
existing union contract in order to negotiate a matching of cost
savings that could be achieved by relocating to another facility.
RPC expects to begin immediate negotiations with union
representatives on a transition benefits package for employees
expected to be displaced by both the automotive assembly operations
move as well as those to be displaced by the Company's previously
announced decision to exit its steel stamping business and to move the
related heavy-duty assembly operations.
Raytech Corporation is a worldwide manufacturer of wet and dry
clutch, power transmission and brake systems as well as specialty
engineered polymer matrix composite products and related services for
vehicular applications, including automotive OEM, heavy-duty
on-and-off highway vehicles and aftermarket vehicular power
transmission systems. Through two technology and research centers and
five manufacturing operations worldwide, Raytech develops and delivers
energy absorption, power transmission and custom-engineered components
focusing on niche applications where its expertise and technological
excellence provide a competitive edge.
Raytech Corporation, headquartered in Crawfordsville, Indiana,
operates manufacturing facilities in the United States, Germany and
China as well as technology and research centers in Indiana and
Germany. The Company's operations are strategically situated in close
proximity to major customers and within easy reach of geographical
areas with demonstrated growth potential.
Raytech common stock is listed on the New York Stock Exchange and
trades under the symbol "RAY." Company information may be accessed on
our Internet website http://www.raytech.com.
From time to time, information provided by Raytech Corporation,
statements made by its employees, or information included in its
filings with the Securities and Exchange Commission may contain
statements that are so-called "forward-looking statements" and not
historical facts. Forward-looking statements can be identified by the
use of words such as "believe," "expect," "intend," "anticipate," "in
my opinion," and similar words or variations. These forward-looking
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Raytech's actual
future results may differ significantly from those stated in any
forward-looking statements. Forward-looking statements involve a
number of risks and uncertainties, including (without limitation)
product demand, pricing, market acceptance, litigation, risks in
product and technology development, and other risk factors detailed
from time to time in Raytech's Securities and Exchange Commission
reports (including its Forms 10-K and 10-Q).