Electrical motor and generator maker Regal Beloit Corp.(RBC), Thursday announced plans to close operations at two manufacturing facilities in Kentucky, which will result in the layoff of 200 employees.
The Beloit, Wisconsin-based company said it has decided to stop operations at Mt. Sterling and Winchester, Kentucky facilities. The company will shift the products and processes located at these facilities to other facilities. Regal Beloit expect the restructuring to impact jobs of about 200 employees.
Regal believes that closure of these facilities will enable it remain globally competitive, reduce variation between manufacturing facilities and improve cycle times.
Last month, Regal had a reported a 12 percent decline in profit for the first quarter, despite higher sales, hurt by higher expense, lower margins and one-time charges.
Regal Beloit manufactures electric motors, mechanical and electrical motion controls and power generation products. It has manufacturing, sales and service facilities throughout the US, Canada, Mexico, Europe and Asia.
RBC is currently trading at $77.67, up $0.98 or 1.28%, on a volume of 15 thousand shares on the NYSE. For the past 52-week period, the company's shares have traded in a range of $61.86 to $80.41.
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