Anchor Glass Closes Connellsville, PA Glass Container Plant.TAMPA, Fla. -- Anchor Glass Container Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AGCC) today announced that, at its meeting on November 4th, the board of directors decided to close the Connellsville, Pennsylvania Connellsville is a city in Fayette County, Pennsylvania, USA, 57 miles (92 km) southeast of Pittsburgh on the Youghiogheny River, a tributary of the Monongahela River. In 1890, 5,629 people lived in Connellsville, which was a borough at that time. facility. The 624,000 square foot facility, with 2 furnaces and 4 machines, primarily produced beverage and beer glass containers. Production was terminated effective as of the close of business on November 4. The company expects to complete plant closure activities at Connellsville within twelve months. The Board made this decision taking into consideration the excess supply conditions currently prevailing in the glass container industry Glass containers are common parts of everyday life - we enjoy beverages such as water, soft drink, juice, beer, wine, spirit from bottles - jams and spreads from jars. The glass container's manufacture often involves a far greater level of complexity, automation and involvement and the company's analysis of the economics of each Anchor Glass facility. This analysis is part of an ongoing and comprehensive operational review begun in the third quarter to increase the company's asset productivity and free cash flow. Darrin Campbell, chief executive officer of Anchor Glass, stated, "This was a very difficult decision, particularly considering the dedication, talent and hard work of the Connellsville employees. However, our recently completed analysis of Anchor Glass' existing capacity given the current industry environment indicated that this plant's economics could not be improved materially." Anchor Glass will work closely with Connellsville customers and suppliers to achieve smooth transitions. Approximately 300 employees will be affected and will receive pay in lieu of notice In the United Kingdom, if an employer dismisses an employee without giving the requisite notice pursuant to law or the employee's contract, the employer should pay in lieu of notice. ‘In lieu’ means ‘instead of’. This is also called severance pay. and severance including benefits continuation. Anchor Glass management has met with union representatives and will work with the respective unions and employees to provide support to Connellsville workers. About Anchor Anchor Glass Container Corporation is the third largest manufacturer of glass containers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . It has eight strategically located facilities where it produces a diverse line of flint flint, mineral flint, variety of quartz that commonly occurs in rounded nodules and whose crystal structure is not visible to the naked eye. Flint is dark gray, smoky brown, or black in color; pale gray flint is called chert. (clear), amber, green and other colored glass containers for the beer, beverage, food, liquor and flavored alcoholic beverage alcoholic beverage Any fermented liquor, such as wine, beer, or distilled liquor, that contains ethyl alcohol, or ethanol, as an intoxicating agent. When an alcoholic beverage is ingested, the alcohol is rapidly absorbed in the stomach and intestines because it does not markets. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release includes forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements involve risks and uncertainties faced by the Company including, but not limited to, economic, competitive, governmental and technological factors outside the control of the Company that may cause actual results to differ materially from the forward-looking statements. These risks and uncertainties may include the highly competitive nature of the glass container industry and the intense competition from makers of alternative forms of packaging; fluctuations in the prices for energy, particularly natural gas, and other raw materials; the Company's focus on the beer industry and its dependence on certain key customers; the seasonal nature of brewing brewing: see beer. and other beverage industries; volatility in demand from emerging new markets; the Company's dependence on certain executive officers; and changes in environmental and other government regulations. The Company operates in a changing environment in which new risk factors can emerge from time to time. It is not possible for management to predict all of these risks, nor can it assess the extent to which any factor, or a combination of factors, may cause actual results to differ materially from those contained in forward-looking statements. All forward-looking statements are subject to risks and uncertainties, including without limitation those identified in the Company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , which could cause actual results to differ from those projected. The Company disclaims any obligation to update any forward-looking statements. |
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