5 May 2006
Hanover, Germany - Continental AG estimates it will cost more than $108 million to phase out tyre production at its Charlotte, North Carolina, plant.
Conti noted in a letter to shareholders on its first-quarter performance that it expects to incur charges of more than $108 million to suspend production of passenger and light truck tyres "indefinitely" at Charlotte.
The tyre company said it incurred about $1.1 million in termination benefits during the first quarter, as it laid off 140 workers.
From Rubber & Plastics News (A Crain publication)
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