Amtrol Plans Closure of Singapore Facility.WEST WARWICK West Warwick (wôr`wĭk, –`ĭk), town (1990 pop. 29,268), Kent co., central R.I., on the Pawtuxet River; set off from Warwick and inc. 1913. Textile manufacturing remains a leading industry. West Warwick includes the village of River Point. , R.I.--(BUSINESS WIRE)--Sept. 12, 1997--Amtrol Inc. announced the closure of its Singapore production facility. In connection with the closure, the company expects to take a third quarter pre-tax charge against earnings of approximately $2.5 million for severance, lease termination and other related costs. The Singapore facility, which manufactures non-returnable chemical containers for distribution in the Far East, ceased operations as of the end of August, 1997. The facility has generated losses since placed into production due to difficulties in sourcing quality steel and high fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). in relation to production volume. The company expects to relocate re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. production to other facilities. "We have made this decision after a review of our international manufacturing strategy, which was undertaken following our recent acquisition of a low-cost manufacturing capability in Portugal. Amtrol will continue to support its Asia Pacific customer base through production at other lower cost facilities, including the Portuguese plant," stated Jack Cashman, chairman and chief executive officer of Amtrol. He also noted that, "The Asia Pacific region is an important part of Amtrol's long term growth strategy. Amtrol remains committed to this region and will maintain its sales and distribution capability in Asia to ensure continued service and support for its Asia Pacific customers." Amtrol is a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. producer and marketer of flow and expansion control technology used in water systems and heating ventilation and air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. products. The company's major products are pressure regulating tanks used in water well and hydronic hy·dron·ic adj. Of or relating to a heating or cooling system that transfers heat by circulating a fluid through a closed system of pipes. [hydr(o)- + -onic (as in electronic).] heating applications. Amtrol also manufactures returnable and non-returnable containers for refrigerant re·frig·er·ant adj. 1. Cooling or freezing; refrigerating. 2. Reducing fever. n. 1. A substance, such as air, ammonia, water, or carbon dioxide, used to provide cooling either as the working substance of gases. Products are marketed under the Well-X-Trol, Extrol, Therm-X-Trol and Champion brand names. Amtrol is a wholly-owned subsidiary of Amtrol Holdings, Inc. which is owned by Cypress Merchant Banking Partners L.P. and Cypress Offshore Partners L.P., private equity funds managed by The Cypress Group L.L.C. CONTACT: Amtrol Inc., West Warwick Edward J. Cooney, 401/884-6300 |
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