Carlco PLC - Ossett, England-based provider of technical components for use in manufacturing - Announces the "strategic closure" of its manufacturing facility in Tucson, Arizona. Carclo says that the decision represents the culmination of its US restructuring efforts, through which it is attempting to optimise its "operational footprint". The majority of manufacturing volumes from the Tucson site will be relocated to Carclo's facility in Pennsylvania, a move which the company says will "consolidate our technical and manufacturing expertise", while bringing production closer to its customer bases.
In November, Carclo warned that the American demand for manufacturing solutions would remain subdued into 2024, and announced the "major restructuring plan" for its US operations. Carclo expects to see benefits from the plan, which aims to reduce expenses and drive efficiencies, in the financial year beginning April 2024.
Current stock price: 8.21 pence per share, down 6.8% in London on Wednesday morning.
12-month change: down 38%
By Hugh Cameron, Alliance News reporter
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Carclo (CAR)