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Leggett & Platt closing North Charleston facility, laying off 110 employees |
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Thursday, 20 November 2008 |
SCBIZ Daily Staff
NORTH CHARLESTON -- Leggett & Platt Inc. said this week it is laying off 110 local employees and closing its North Charleston operation that manufacturers wood fixtures for retail stores.
The company, based, in Carthage, Mo., said the first of its employees will be let go by mid-January and the remaining work force at the end of February.
The plant closure is part of a consolidation of the company’s operations and “is in no way related to the abilities or production of employees at the local facility,” Leggett & Platt said in a news release.
A company representative said Leggett & Platt executives did not want to comment further at this time.
In its 2007 annual report, the company reported that it would eliminate about $1.2 billion, or 20% of its revenue base, in part by closing individual plants operating at unacceptable profit levels. Those plants were not identified in the report.
“Business units that fail to attain minimum return goals will be moved to the ‘fix’ or ‘divest’ category,” the company reported at the time.
All employees will receive at least 60 days of pay and benefits starting from Nov. 14, the date management made the official announcement of its planned closure, Leggett & Platt said.
The company also said it is exploring job placement opportunities with other local employers, as well as services available through various outside agencies.
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