Novelis set to shut Italian casting alloys plant
Nov 04, 2005 | 06:25 AM
| Josephine Mason
Novelis Inc. will close its casting alloys operation in Borgofranco, Italy, by March as it exits the European aluminum casting alloys business.
The company expects to incur a charge of some $24 million as a result of the closure, but said it would be uneconomical to keep the plant running.
"The plant operates in an environment of unfavorable economic conditions and structural overcapacity. The facility is disadvantaged in terms of scale, technical capability and cost base," Chris Bark-Jones, president of Novelis Europe, said in a statement. "As a result, it has become increasingly less competitive in today's marketplace. Despite the efforts made by the plant's employees, it has recorded consistent losses."....
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