Reliance Worldwide plunges on shutting down Melbourne brass operations
Tue 01:34
BUZZ-Reliance Worldwide plunges on shutting down Melbourne brass operations ** Shares of Australia's Reliance Worldwide Corp RWC.AX fall as much as 4.9% to A$3.49, post their biggest intraday pct loss since May 5
** Shares hit their lowest level since June 12
** Co to shut down brass casting, forging and machining operations in Melbourne due to a sustained decline in production volumes
** Co expects one-off net charge of $100 million to $110 million in FY26
** About 85 employees expected to be affected by closure, co says
** YTD, shares down 7.5%
(Reporting by Nichiket Sunil in Bengaluru)
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Brief: Reliance Worldwide Corp Says Near 85 Employees To Be Affected By Closure Of Brass Manufacturing Ops In Australia