Lubrizol Announces Plan to Close U.K. Manufacturing Facility
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The Lubrizol Corporation announced its plans to close its manufacturing facility in Bromborough, England. The facility produces additives for fuels, additives for engine oil lubricants and specialty monomers. Production phase-out is planned to begin in the second quarter of 2005 and is expected to be completed by late 2006. During this phase-out, U.K. production will be transferred to higher capacity facilities in France and Texas.
A fourth quarter, 2004 non-cash restructuring charge of approximately $17 million pre-tax will be recorded for the impairment of property, plant and equipment. In addition, restructuring charges, consisting of employee severance and other plant closure costs, are estimated to total approximately $15 million and will be incurred in 2005 and 2006.
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