IMO INDUSTRIES ISSUES ANNOUNCEMENT
IMO INDUSTRIES ISSUES ANNOUNCEMENT LAWRENCEVILLE, N.J., March 9 /PRNewswire/ -- Imo Industries Inc.
(NYSE: IMD) today announced that as a result of work reductions associated with the U.S. Navy's Seawolf submarine program, 68 of the approximately 170 employees at its Delaval Condenser Division have been laid off.
IMO's Delaval Condenser Division, located in Florence, N.J., has been designing and building steam condensers for the Navy's submarine fleet since the 1950s, and designed the steam condensers for the newest Seawolf class of attack submarines. However, as the Division's work associated with Seawolf submarines designated numbers 22 and 23 is already 70 percent complete and no releases to begin work on Seawolf number 24 have been forthcoming, the Division had no choice but to reduce its manning levels to match the available work. /delval/ -0- 3/9/92 /CONTACT: Paul B. Lazovick, director of Investor Relations for Imo Industries, 609-896-7615/ CO: Imo Industries Inc. ST: New Jersey IN: SU:
MP -- PH009 -- 6217 03/09/92 08:58 EST
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|Date:||Mar 9, 1992|
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