DURA to Close Operation in Brantford, Ontario.ROCHESTER HILLS, Mich. -- DURA Automotive Systems Dura Automotive Systems (Pink Sheets: DRRAQ), headquartered in Rochester Hills, Michigan, USA was ranked in the 2006 Fortune 1000. It is engaged in the business of manufacturing and distribution of automotive components. , Inc. (Nasdaq:DRRA DRRA Dynamic Radio Resource Allocation ), today announced that it will close its Brantford, Ontario Brantford is a city located on the Grand River in southwestern Ontario, Canada. This single-tier municipality was once part of Brant County. , manufacturing facility by June 2007. The 66,000- square-foot plant makes a variety of automotive column shift assemblies. The facility closing will impact approximately 120 jobs and the company will transfer Brantford production to other DURA facilities to improve overall capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. . Facilities receiving the work will be announced at a later date. "This was a difficult, but necessary, decision based on the competitive business environment in the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. and we recognize the impact this will have on our employees and the community," said Larry Denton, Chairman and Chief Executive Officer of DURA Automotive. "We sincerely thank our Brantford employees for their service and dedication. "As we move forward with our '50-cubed' initiatives, we will continue to drive our worldwide efficiency by optimizing DURA's asset utilization rates and streamlining processes throughout the entire organization. We are committed to ensuring continued high performance in product quality and delivery for our customers as we transition toward an improved 'best-in-cost' position." On February 9, 2006, DURA announced an initiative named 50-cubed that established heightened performance goals in quality, worldwide efficiency and profitability. The initiative included a facility restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan projected to result in the closure of five to 10 manufacturing facilities worldwide by the end of 2007. The company currently has a presence in 14 countries and has 63 locations including its manufacturing facilities, technology and customer service centers and joint venture companies. The Brantford facility is the first facility closure announced as part of the 50-cubed initiative. The company will announce further closure locations as information is available. About DURA Automotive Systems, Inc. DURA Automotive Systems, Inc., is a leading independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The Company is also a leading supplier of similar products to the recreation vehicle (RV) and specialty vehicle industries. The company had 2005 sales of $2.35 billion. DURA sells its automotive products to every North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. , Asian and European original equipment manufacturer (OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and ) and many leading Tier 1 automotive suppliers. DURA is headquartered in Rochester Hills, Mich. Information about DURA and its products is available on the Internet at www.duraauto.com. 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 contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as "believe", "expect", "anticipate", "intend", "plan", "estimate", or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perspective of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including but not limited to (i) expected synergies, economies of scale and cost savings from the Company's announced restructuring plans; (ii) unanticipated difficulties servicing the indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. of the Company; (iii) costs or operational difficulties related to integrating the operations of the acquired entities with those of the Company being greater than expected; (iv) labor disputes involving the Company or its significant customers; (v) risks associated with conducting business in foreign countries, and (vi) general economic or business conditions affecting the automotive industry, either nationally or regionally, being less favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. than expected. |
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