Sandvik to close Mich. distribution center
In a move designed to lower costs by more than 1 billion SEK ($150 million) by the end of 2013, Swedish cutting tools manufacturer Sandvik announced plans to eliminate more than 900 jobs globally.
The measures include closing a Seco Tools distribution center in Troy, Mich., and transferring distribution responsibilities to its Kentucky location.
Sandvik Mining will also close facilities in North Bay, Canada, and Rocklea, Australia, and eliminate third-party contracts with more than 350 individuals.
Sandvik Machining Solutions also plans a headcount reduction in Fagersta, Sweden, while Sandvik Construction will eliminate 80 positions and terminate contracts with 180 third-party employees.
Charges of a nonrecurring nature amounting to approximately 1,300 million SEK are estimated to impact earnings, of which 900 million SEK will be recognized in the fourth quarter 2012. The total cash flow impact of the charges is estimated to amount to approximately 750 million SEK, mostly impacting 2013.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
