Tredegar Closing Aluminum Extrusion Plant in Kentland, Indiana

Due to the high volume of mass layoff notices this week, it will be another four post day here at TDS as I try to clear out the backlog. This latest story is from Enhanced Online News:

Tredegar Corporation announced that its Bonnell Aluminum subsidiary will close its plant in Kentland, Indiana. The plant, which employs 146 people, is scheduled to close by September 30, 2012.

Tredegar estimates that it will recognize charges related to the shutdown of approximately $8 million, including accelerated depreciation on fixed assets of approximately $4 million, severance-related charges of approximately $1 million and other shutdown-related charges of approximately $3 million. Other shutdown-related charges are primarily comprised of equipment transfers and plant shutdown charges. It is anticipated that most of these charges will be recognized over the next 18 months.

Read more: