Elected To Modify Profit Improvement Plan To Include Closure Of Tufting Operations

Dixie

03/10/2018 22:27

Oct 3 (Reuters) - Dixie Group Inc  DXYN.O :
    * DIXIE GROUP - ELECTED TO MODIFY PROFIT IMPROVEMENT PLAN TO
INCLUDE CLOSURE OF TUFTING OPERATIONS WHILE CONTINUING SHIPPING
& CUT ORDER OPERATIONS IN COMMERCE, CALIFORNIA
    * DIXIE GROUP-EFFECTIVE TODAY, MADE COMMENSURATE INCREASE IN
COST
ESTIMATES RELATED TO WORKFORCE REDUCTION AND CLOSURE OF
COMMERCE, CALIFORNIA FACILITY
    * DIXIE GROUP INC - ESTIMATED SAVINGS OF PROFIT IMPROVEMENT
PLAN
HAVE INCREASED BY $5.8 MILLION
    * DIXIE GROUP SAYS CLOSURE OF COMMERCE, CALIFORNIA TUFTING
FACILITY IS EXPECTED TO BE COMPLETE WITHIN Q1 OF 2019 - SEC
FILING
    * DIXIE GROUP - COST OF PROFIT IMPROVEMENT PLAN, FROM
INCEPTION,
IS NOW ESTIMATED TO BE ABOUT $5.4 MILLION WITH ESTIMATED COST
REDUCTIONS OF $11.1 MILLION
    * DIXIE GROUP INC - GOING FORWARD, TUFTING FOR COMPANY'S
COMMERCIAL OPERATIONS WILL BE HANDLED IN COMPANY'S ALABAMA
FACILITIES
    * DIXIE GROUP-ADDITIONAL COST ASSOCIATED WITH CLOSURE OF
FACILITY
AND ATTENDANT WORKFORCE REDUCTION ARE ESTIMATED TO BE $684
THOUSAND IN SEVERANCE COSTS
    * DIXIE GROUP - PLAN SHOULD BE FULLY IMPLEMENTED BY MID-2019

Source: https://bit.ly/2P7dYyl
Further company coverage:  DXYN.O 

 ((Reuters.Briefs@thomsonreuters.com))