- THE MAGAZINE
As part of that decision, Armstrong said it will shut its only European residential flooring plant, in Teesside, England, by early 2011.
The closing of the 163-employee plant will trigger $10 million in charges, reflecting the cost of severance for workers and asset writedowns.
Explaining the decision, Armstrong said the business had an operating loss of $4 million on sales of $19 million in the first half of this year.
Armstrong said those numbers reflect "significant reductions in demand" for its cushion-vinyl residential flooring in Europe. From TradingMarkets.com.