DOW JONES NEWSWIRES
Goodrich Corp. (GR) confirmed it will close its Marble Avenue
landing gear manufacturing plant in Cleveland at the end of 2012
after lower volumes failed to make the facility cost-effective.
About 400 employees work at the facility, which supplies landing
gear equipment for commercial and military customers. Goodrich said
it will transfer those activities to its other plants.
Goodrich had spent the past few months discussing the possible
closure during union negotiations. The company said it expected the
restructuring would significantly affect its guidance but didn't
provide details of the impact until Wednesday.
A resurgent airline industry has driven Goodrich's overall
revenue during the past few quarters, while cost-cutting has
significantly improved its margins. The company's latest
first-quarter profit soared thanks to strong after-market product
sales.
The aerospace-parts maker expects to book charges of about 8
cents a share in the second quarter, 3 cents in the second half and
7 cents in 2012. None of the charges were included in the company's
April outlook.
Shares were down 50 cents at $85.81 in recent trading. The stock
is up 34% over the past 12 months.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;
Andrew.FitzGerald@dowjones.com