COLTEC INDUSTRIES TO CLOSE MENASCO CALIFORNIA OPERATION
NEW YORK, Jan. 11 /PRNewswire/ -- Coltec Industries Inc. (NYSE: COT) will close its aircraft landing gear manufacturing plant in Burbank, Calif., and consolidate production of landing gear systems at its Menasco Aerosystems facility in Fort Worth, Texas, and its Menasco Aerospace Ltd. facility in Oakville, Ontario, Canada. The shutdown of the Burbank manufacturing plant, which employs 310 workers, is scheduled to occur by the 1994 first quarter. John M. Cybulski, senior vice president, aerospace operations, Coltec Industries, said, "This decision was extremely difficult to make. The work force at our Burbank plant is diligent, enthusiastic and highly productive. However, market conditions have left us with no other choice." The Menasco Overhaul Division, which repairs and reconditions landing gear systems, will remain in Burbank. The slowdown of commercial aircraft orders and the reduction in defense spending have reduced the near-term demand for landing gear systems. Consolidation of landing gear production will enable Coltec to minimize its operating cost in this business, until the aerospace industry revives. Despite this closing, Coltec will have adequate capacity to absorb increased production forecast for the middle and late 1990s. Coltec is the leading manufacturer of landing gear systems for medium-to-heavy commercial aircraft and military aircraft. Coltec Industries Inc is a New York-based manufacturing company with revenues of approximately $1.4 billion serving aerospace, automotive and other industrial markets. -0- 1/11/93 /CONTACT: Michael Dunn of Coltec Industries Inc., 212-940-0523/ (COT)
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