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SI Silvergate Capital Corporation

1.25
0.00 (0.00%)
Pre Market
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
Silvergate Capital Corporation NYSE:SI NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.25 0 01:00:00

Siemens Building Technologies to Transfer Fire Systems Production From Florham Park Division Headquarters to Multiple Siemens Lo

11/04/2008 7:00pm

PR Newswire (US)


Silvergate Capital (NYSE:SI)
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BUFFALO GROVE, Ill., April 11 /PRNewswire/ -- Based on economic and other competitive pressures supported by a third-party study, Siemens Building Technologies, Inc. announced today it will begin the transfer of the manufacturing and distribution of several products from its Fire Systems Division manufacturing facility in Florham Park, NJ. Siemens plans call for consolidating production and shifting fire system manufacturing to other Siemens locations, including its main production facility in Buffalo Grove, Ill. (Logo: http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO ) The move, which will not affect division management, product development, sales and service operations, is designed to help Siemens gain production efficiencies, speed product delivery and sustain its ability to competitively price its products. "By transferring our Fire Systems manufacturing and distribution to strategically located and higher capacity manufacturing facilities, we will save a substantial percentage on operating, production, shipping and labor costs" says Siemens Building Technologies Supply Chain Vice President Bob Perlowski. "We are pleased that we will maintain our presence in Florham Park and watch our operations continue to thrive as we have for the past 20 years." Although less than 200 production-related jobs will be shifted to other locations, a significant number of Siemens Fire Division employees will remain in Florham Park. All divisional staff functions such as product management, sales, research and development, finance and customer service will not be affected by the transfer. According to Siemens, all aspects of this restructuring will be completed by the end of the 2009. As a leading provider of energy and environmental solutions, building controls, fire safety and security systems solutions, Siemens Building Technologies, Inc., makes buildings comfortable, safe, secure and less costly to operate. With U.S. headquarters in Buffalo Grove, Ill., Siemens Building Technologies employs 7,200 people and provides a full range of services and solutions from more than 100 locations coast-to-coast. Worldwide, the company has 28,000 employees and operates from more than 500 locations in 51 countries. For more information on Siemens Building Technologies, visit: http://www.us.sbt.siemens.com/ . http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO DATASOURCE: Siemens Building Technologies, Inc. CONTACT: Steve Kuehn, Siemens, +1-847-922-9384, Web site: http://www.sbt.siemens.com/

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