Edition:
United Kingdom

Enersys - Board Of Directors Approved A Plan To Close Its Facility In Targovishte, Bulgaria


Wednesday, 6 Mar 2019 

March 6 (Reuters) - EnerSys ::ENERSYS - BOARD OF DIRECTORS APPROVED A PLAN TO CLOSE ITS FACILITY IN TARGOVISHTE, BULGARIA.ENERSYS - SEES PRE-TAX CHARGE OF ABOUT $32 MILLION MAJORITY OF WHICH IS EXPECTED TO BE RECORDED IN Q4 2019.ENERSYS - IN CONNECTION WITH RESTRUCTURING PLAN, ESTIMATES THAT THERE WILL BE REDUCTION OF ABOUT 80 EMPLOYEES UPON COMPLETION.ENERSYS - DETERMINED FUTURE DEMAND FOR BATTERIES OF DIESEL-ELECTRIC SUBMARINES WAS NOT SUFFICIENT GIVEN EXISTING NUMBER OF COMPETITORS IN MARKET.ENERSYS - PLANS TO SELL OR TRANSFER TARHOVISHTE PLANT AND POSSIBLY EQUIPMENT TO OTHER PARTIES IF POSSIBLE..ENERSYS - ESTIMATES WILL INCUR, CHARGES OF $17 MILLION IN ASSET WRITE OFFS, IN RELATED COSTS TO WIND DOWN OF DIESEL-ELECTRIC SUBMARINE BATTERY BUSINESS.ENERSYS -ESTIMATES WILL INCUR $5 MILLION IN INVENTORY WRITE OFFS & $10 MILLION IN OTHER RELATED COSTS TO WIND DOWN DIESEL-ELECTRIC SUBMARINE BATTERY BUSINESS. 

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