Financial

Symmetry Medical May Wind Down U.K. Manufacturing

Symmetry Medical begins consultation on closing a U.K. facility that houses 40 employees.

Indiana’s Symmetry Medical (NYSE:SMA) reported this week that it’s begun efforts to wind down operations at a Cheltenham, U.K. manufacturing plant, saying that it “initiated a consultation process” with the local employees.

The facility houses about 40 workers, Symmetry said, and the plant was responsible for $4 million in revenues for fiscal 2013, resulting in a net loss for the location, which manufactures medical instruments.

Talk of a closure comes amid challenging times for Symmetry. The Indiana-based company has yet to report its 4th-quarter earnings, but put some red ink into its ledgers during the 3rd quarter as it struggled to integrate a pair of acquisitions and recovered from a fire in a British plant that destroyed part of the facility.

The U.K. closure proposal is subject to the discussions with the employees, according to SEC filings.

SMA shares were pretty flat today, trading 0.4% higher at $9.65 as of about 2:45 p.m. today.

 

Read More: http://www.massdevice.com/news/symmetry-medical-may-wind-down-uk-manufacturing

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Josh Sandberg

Josh Sandberg is the President of Ortho Sales Partners and Partner for The De Angelis Group. He also serves as Co-Founder and Editor of OrthoSpineNews.

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