Franklin Electric Co to consolidate plants
Feb 1, 2004 12:00 PM
Franklin Electric Co Inc plans to consolidate the submersible turbine pump operations of FE Petro Inc, currently in the Madison WI area. It is also consolidating the service station hardware and flexible piping operations of EBW Inc and Advanced Polymer Technology Inc, currently in Muskegon MI, into a new leased facility in Madison.
Ninety-four employees at the Muskegon facilities will be affected by the consolidation. Workforce reductions are anticipated to begin in May with the consolidation completed by July, 2004.
Cost of the consolidation is included in the previously disclosed cost estimate for the multiyear global manufacturing realignment of the company, totaling approximately $10 million pretax. Based on current plans, more than half of these incremental costs will be recognized, as incurred, in the last three quarters of 2004 with the balance expected to be recognized, as incurred, in the first three quarters of 2005.
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