HOLNAM WILL CLOSE ITS PLANT IN OKAY, ARK.
HOLNAM WILL CLOSE ITS PLANT IN OKAY, ARK. DUNDEE, Mich., March 6 /PRNewswire/ -- Holnam Inc (NYSE: HLN) of
Dundee, announced today that it has decided to close its cement production plant in Okay, Ark. The company had previously announced it was considering this option following a 1991 study of Holnam's strategic assets.
Two key factors drove the direction of the final decision. The first is the overcapacity of cement in the Okay market region. The second is an effort to reduce costs within the company. "It is difficult to make a decision like this, especially when realizing the disruptive effect it will have on the employees," said Marc von Wyss, president and CEO of Holnam. "We will make every effort for the transition to be a smooth one," he added. No timetable has been established for the closure, but the company will provide adequate notification as the workforce is reduced and production ceases. The plant was originally built in 1929, and was expanded in 1957. It was formerly owned by Ideal Basic Industries, which merged into Holnam in March, 1990. Eighty employees currently work there. Holnam Inc is a leading producer of cement in the United States. The company is a subsidiary of Holderbank Financiere Glaris Ltd., of Switzerland, one of the world's largest manufacturers of cement and allied construction materials. -0- 3/6/92 /CONTACT: Thomas A. Chizmadia, vice president-corporate communications of Holnam, 313-529-2411, ext. 2294, or Kathy B. Liebmann of Gavin Anderson & Company, 212-921-1060, for Holnam/ (HLN) CO: Holnam Inc. ST: Michigan, Arkansas IN: SU:
SH -- NY052 -- 5972 03/06/92 15:55 EST
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|Date:||Mar 6, 1992|
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