YOUNGSVILLE, N.C. - Xerium Technologies, Inc. (NYSE:XRM), a leading global provider of industrial consumable products and services, today announced that it has initiated consultation proceedings with the works council at its rolls facility in Heidenheim, Germany. Production after a closure would be transferred to the Company's remaining rolls facilities in Europe where there is sufficient capacity to handle Heidenheim's order volume. Due to the nature of the proceedings with the local works council, the Company is not able to provide an estimate of the anticipated restructuring expenses at this time, but does expect permanent annualized cost savings of $2.1 million from this action.
"We are continuing our multi-year program to strengthen our competitiveness globally. It requires difficult decisions that affect great people but these are very necessary actions given the economic realities of the markets we serve. We have firm plans to save as many jobs as possible under these circumstances," said Harold Bevis, Xerium's President and Chief Executive Officer. "We believe these actions will increase our competitiveness in Europe, without sacrificing quality or our position in the market."
Xerium Technologies, Inc. (NYSE:XRM) is a leading global provider of industrial consumable products and services. Xerium utilizes a broad portfolio of patented and proprietary technologies to provide customers with tailored solutions and products integral to production, all designed to optimize performance and reduce operational costs. Xerium has 28 manufacturing facilities in 12 countries around the world and employs approximately 3,200 employees.
Source: Xerium Technologies, Inc.
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