Brief: Hni Corporation Announces Plant Consolidation

HNI

20/05/2024 21:45

May 20 (Reuters) - HNI Corp  HNI.N :
    * HNI CORPORATION ANNOUNCES PLANT CONSOLIDATION
    * WILL CLOSE ITS HICKORY, NORTH CAROLINA, MANUFACTURING
PLANT
DURING FIRST HALF OF 2025
    * CONSOLIDATION WILL SAVE APPROXIMATELY $11 MILLION ANNUALLY
ONCE
FULLY MATURE IN 2026
    * SAVINGS REALIZED IN 2025 ARE EXPECTED TO BE $8 TO $9
MILLION
FROM CONSOLIDATION
    * HNI WILL MAINTAIN A COMMERCIAL PRESENCE IN HICKORY WITH
ITS HBF
BRAND OF WORKPLACE FURNISHINGS AND TEXTILE PRODUCTS
    * ANTICIPATES CHARGES RESULTING FROM CONSOLIDATION WILL
IMPACT
PRE-TAX EARNINGS BY AN ESTIMATED $10.3 MILLION IN 2024 AND 2025
    * DECISION WILL IMPACT APPROXIMATELY 200 PRODUCTION AND
OPERATIONS
MEMBERS IN HICKORY

Source text for Eikon:  ID:nBw6447Mca 
Further company coverage:  HNI.N 

 ((Reuters.Briefs@thomsonreuters.com;))