Hycor
This article was originally published in The Gray Sheet
Executive Summary
Plans to close its Portland, Maine Ventrex allergy diagnostic and immunodiagnostic product manufacturing facility by late July. The firm will consolidate the operations from the 70,000-square- foot facility into its Garden Grove, California facility. Hycor will record a one-time after-tax charge of approximately $800,000, which will include "all costs associated with the Portland facility closure, severance and outplacement programs, and the integration of Ventrex operations into the Garden Grove facility." The firm, which anticipates an eighteen-month payback on the expenses, expects that the closure and consolidation will yield annual after-tax savings of approximately $500,000.