USA: Delco Remy International Announces Realignment Actions to Reduce Operating Costs
Delco Remy International, Inc. (NYSE: RMY - news), announced today that it is completing a realignment of its global manufacturing facilities. These actions will affect units in the United States, Canada, and the United Kingdom. As a result, the Company will record a one-time pretax charge of approximately $35 million ($22 million after tax or $.84 per share) in the fourth quarter. The future after tax cash outlay will be approximately $10 million over the next two years. The main component of the charge will be voluntary and involuntary employee separation programs related to the rationalization of manufacturing operations.
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