11th Apr 2005 12:19
Laird Group PLC11 April 2005 11 April 2005 Temporary Shut-down of a Laird Technologies US Plant due to Flooding The Laird Group PLC said today that Laird Technologies' EMI shielding facilityin Pennsylvania, USA has been temporarily shut down, as a result of seriousflooding when the Delaware River burst its banks. The water has now receded andcleaning up and repair of equipment is under way. Laird Technologies has capacity and capabilities at other manufacturing plantsglobally, allowing customer requirements to be addressed. Production from thePennsylvania facility is being relocated to other Laird Technologies facilitiesin the USA, the Czech Republic and China and deliveries to customers havealready recommenced. Laird Technologies is currently assessing the full extent and effects of thewater intrusion and the damage to buildings and equipment. Preliminary estimatesare that operating profits, pre exceptionals, may be affected negatively by some£1 million to £2 million, net of insurance receipts, in the first half of theyear. The full year effect is currently expected to be less than this, with thebenefits of lower cost production in China and the Czech Republic. In addition,it is currently expected that there will be a one-off, exceptional charge at thehalf year of £3 million to £4 million, the majority of which will be non cash asa result of asset write-offs. Laird believes there will be no long term adverseeffect on its business. Peter Hill, Chief Executive of The Laird Group, commented:- "The sudden and unexpected flooding is regrettable, but we are fortunate inhaving a broad spread of production capacity and capabilities globally. This isallowing us to relocate production rapidly to cope with the situation, while werehabilitate damaged equipment. Our priority is to serve our customers and allefforts are being directed towards this. I would like to pay particular tributeto our employees in Pennsylvania, some of whose homes have also been affected,as they work on the clean up." For enquiries: The Laird Group PLC The Maitland Consultancy Peter Hill, Chief Executive Brian Hudspith Jonathan Silver, Finance Director Charlotte Barker Tel: 020 7468 4040 Tel: 020 7379 5151 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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