Tyco Toys announces closing of European manufacturing facility.MT. LAUREL, N.J.--(BUSINESS WIRE)--Dec. 11, 1995--Tyco Toys Inc. (NYSE NYSE See: New York Stock Exchange : TTI TTI Texas Transportation Institute TTI Thoracic Trauma Index TTI Transmission Time Interval TTI Travel Time Index TTI Travel Technology Initiative TTI Technology Transfer Initiative TTI Traffic and Traveller Information TTI Technology Transfer Institute ) today announced it will close its manufacturing facility in Temse, Belgium, resulting in a workforce reduction of 65 positions. As a result, the company will take a special charge of approximately $3 million against earnings during the fourth quarter of 1995. The company expects the Belgium facility closing to generate annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. savings in excess of $3 million beginning in 1996. The closing, to be completed by April, 1996, will shift manufacturing of toys such a View-Master(R) 3-D viewers and Magna Doodle Magna Doodle is a children's magnetic drawing toy, comprised of a magnetic drawing board, a pen, and a few magnet shapes. It was invented in 1974 and over forty million have been sold to date; they are still popular with children today. (R) drawing toys for the European market to Tyco's facilities in Portland, Oregon and contract facilities in the Far East. The company said it will continue operating its European Headquarters and Distribution Center in Sint-Niklaas, Belgium. Tyco Toys Tyco Toys is a division of the Mattel toy company. History Mantua Metal Products was a Woodbury Heights, New Jersey, metalworks business founded in 1926 by John Tyler and family. , the third largest U.S. toy manufacturer markets a broad range of products worldwide, including a wide variety of Sesame Street(R) preschool toys, Tyco(R) radio control vehicles, View-Master(R) 3-D Viewers, Magna Doodle(R) drawing toys and Matchbox diecast vehicles and playsets. CONTACT: Tyco Toys Inc., Mount Laurel Bruce Maguire, 609/840-1384 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion