Timminco Limited (TIM.TO) announced that, consistent with its strategy to restore its magnesium extrusion and related specialty metals business to profitability, it would close its manufacturing facility in Haley, Ontario.
The closure is expected to result in annual cost savings of approximately $5 million for Timminco. Meanwhile, the Haley facility currently has 24 hourly unionized employees. John Fenger, President - Light Metals of Timminco, said, "Our magnesium business has significant long-term potential, but current economic conditions require that we further reduce our operating costs significantly."
The closure of the Haley facility is expected to result in a charge to earnings in the second quarter of 2008 of approximately $15 million - $17 million before taxes.
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