Lubrizol Announces Plan to Close U.K. Manufacturing Facility
The Lubrizol Corporation announced its plans to close its manufacturing facility in Bromborough, England. The facility produces additives for fuels, additives for engine oil lubricants and specialty monomers. Production phase-out is planned to begin in the second quarter of 2005 and is expected to be completed by late 2006. During this phase-out, U.K. production will be transferred to higher capacity facilities in France and Texas.
A fourth quarter, 2004 non-cash restructuring charge of approximately $17 million pre-tax will be recorded for the impairment of property, plant and equipment. In addition, restructuring charges, consisting of employee severance and other plant closure costs, are estimated to total approximately $15 million and will be incurred in 2005 and 2006.
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