Volex Group PLC
17 October 2001
VOLEX GROUP p.l.c.
Volex Group p.l.c. the world's leading independent manufacturer
of electrical and electronic cable assemblies and electrical
power cords, announces that it is to close its original North
American manufacturing plant in Dartmouth, Massachusetts and
transfer the manufacturing capacity to other facilities,
principally to its plant in Conover, North Carolina.
The closure, which will be completed by the end of calendar year
2001, will enable Volex to capitalise on the more modern and
comprehensive manufacturing facilities at Conover and maintain
sufficient capacity and flexibility to support the service
requirements of its customer base on a reduced cost basis.
The one-off cost of the closure is anticipated to be some £1.1m
and this will be charged against the results of the second half
of the current year ending 31 March 2002. Net savings in a full
year are expected to be in the region of £1.4m. It is expected
that the manufacturing plant will be sold in the next financial
year (2002/03) and that the proceeds will exceed the cash cost of
the closure.
* * * * *
Note: Volex is scheduled to announce its results for the half
year ended 30 September 2001 on Wednesday, 7 November 2001.
For further information, please contact:
Volex Group p.l.c. Tel: 01925 830101
Dom Molloy, Group Chief Executive
Ken Hooper, Group Finance Director
Weber Shandwick Square Mile Tel: 020 7601 1000
Chris Lynch / Graham Herring
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