Reuters logo
BRIEF-Gibraltar Industries Inc will exit its U.S. bar grating product line
December 2, 2016 / 2:17 PM / a year ago

BRIEF-Gibraltar Industries Inc will exit its U.S. bar grating product line

Dec 2 (Reuters) - Gibraltar Industries Inc :

* Gibraltar Industries Inc - will exit its us bar grating product line and its small european business selling residential solar racking

* Gibraltar Industries Inc - action will include closing of 5 facilities and release of 250 employees over next 120 days

* Gibraltar Industries Inc - combined effect of actions on overall company is expected to reduce annual revenues by approximately $75 million

* Gibraltar Industries Inc - actions will primarily affect industrial and infrastructure products segment

* Gibraltar Industries Inc - actions will increase annual operating income by upwards of $6 million, or $0.12 per diluted share

* Approximately $21 million of net charges, or $0.68 per diluted share, will be recorded in Q4 2016

* Gibraltar Industries Inc - $6 million of net charges, or $0.19 per share, will be recorded in Q1 2017 Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below