US: Tower Automotive facility closure to cost US$19.6m

摘要

TOWER Automotive says that the proposed consolidation of its Kendallville, Indiana plant into Tower facilities in North America by 2007 will cost the company about US$19.6m. In a filing with the US Securities and Exchange Commission, Tower stated that the amount includes US$1.3m towards employee related costs, US$11.7m related to asset impairment charges, US$3.5m towards other non-cash charges and US$3.1m in other costs. Furthermore, the company estimates cash expenditure of US$4.4m for these actions.