Symmetry to close Maine manufacturing plant

AP News
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Posted: Dec 18, 2009 12:43 PM

Medical implant maker Symmetry Medical Inc. said Friday it will close a manufacturing plant in Maine as part of broader cost-saving efforts.

The company said the closing will cost between $2.4 and $2.8 million. Symmetry plans to transfer equipment from the plant to its other facilities.

A restructuring charge between $1.8 million and $2.2 million is expected in the fourth quarter, mainly consisting of employee severance costs and impairment of property and equipment.

Excluding the one-time charges, the company set its full-year 2009 guidance in the range of 63 to 68 cents.

"These decisions are difficult under any circumstances, and we recognize the personal impact they have on those dedicated employees who have made contributions to the success of our business," said Chief Executive Brian Moore, in a statement.

Company shares fell 9 cents to $7.46 in midday trading.