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Carrington Wire announces managed wind-down of business
Carrington Wire announced that it will be implementing a managed wind-down of the business given continuing losses resulting from a contraction of the market for steel wire. This will include the closure of the Elland manufacturing plant over the coming months, following a full review of the business and a 2 month consultation period with the employees.
Carrington Wire, acquired by Severstal-metiz in April 2006, has experienced declining sales over the last years.
The Company will implement the wind down process in full consultation with colleagues and their representatives and will also work closely with customers to ensure that any potential disruption to their businesses is kept to a minimum during the wind down period as they establish alternative supply arrangements.
“We have worked hard over recent years to establish a sustainable business. In spite of financial support and initiatives to return the business to profitability, including the consolidation of manufacturing at Elland, Carrington Wire is no longer viable,” - said Oleg Veter, CEO of the Severstal-metiz Group of Companies.
http://www.severstalmetiz.com/eng/press/news/document5576.shtml
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