Raytech Corporation Announces Further Profitability Initiatives In Domestic OEM Business
01 November 2005 - 8:03PM
Business Wire
Raytech Corporation (NYSE: RAY) today announced that as part of its
continuing strategy to improve production and profitability in its
Domestic OEM segment, Raytech's subsidiary, Raybestos Products
Company ("RPC") plans to relocate its conventional automotive
assembly operations from Crawfordsville, Indiana to a more cost
competitive location. RPC expects such relocation to occur over the
next twelve to eighteen months and plans to work with its affected
automotive customers to develop the specific timing for such a
move. The decision to move the automotive assembly operations was
made after RPC's Crawfordsville, Indiana union voted not to open
the existing union contract in order to negotiate a matching of
cost savings that could be achieved by relocating to another
facility. RPC expects to begin immediate negotiations with union
representatives on a transition benefits package for employees
expected to be displaced by both the automotive assembly operations
move as well as those to be displaced by the Company's previously
announced decision to exit its steel stamping business and to move
the related heavy-duty assembly operations. Raytech Corporation is
a worldwide manufacturer of wet and dry clutch, power transmission
and brake systems as well as specialty engineered polymer matrix
composite products and related services for vehicular applications,
including automotive OEM, heavy-duty on-and-off highway vehicles
and aftermarket vehicular power transmission systems. Through two
technology and research centers and five manufacturing operations
worldwide, Raytech develops and delivers energy absorption, power
transmission and custom-engineered components focusing on niche
applications where its expertise and technological excellence
provide a competitive edge. Raytech Corporation, headquartered in
Crawfordsville, Indiana, operates manufacturing facilities in the
United States, Germany and China as well as technology and research
centers in Indiana and Germany. The Company's operations are
strategically situated in close proximity to major customers and
within easy reach of geographical areas with demonstrated growth
potential. Raytech common stock is listed on the New York Stock
Exchange and trades under the symbol "RAY." Company information may
be accessed on our Internet website http://www.raytech.com. From
time to time, information provided by Raytech Corporation,
statements made by its employees, or information included in its
filings with the Securities and Exchange Commission may contain
statements that are so-called "forward-looking statements" and not
historical facts. Forward-looking statements can be identified by
the use of words such as "believe," "expect," "intend,"
"anticipate," "in my opinion," and similar words or variations.
These forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Raytech's actual future results may differ significantly
from those stated in any forward-looking statements.
Forward-looking statements involve a number of risks and
uncertainties, including (without limitation) product demand,
pricing, market acceptance, litigation, risks in product and
technology development, and other risk factors detailed from time
to time in Raytech's Securities and Exchange Commission reports
(including its Forms 10-K and 10-Q).
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