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Article Excerpt
WEST PALM BEACH, Fla. -- Jacuzzi Brands, Inc. (NYSE: JJZ) announced today that a decision was made on September 30, 2004 to close the Tupelo, Mississippi, sanitary ware plant, operated by the Company's Eljer subsidiary. As a result of this decision, the Company will record asset impairment, pension curtailment and other related charges totaling $6.2 million after tax, or $0.08 per diluted share, in its fiscal 2004 fourth quarter operating results.
The decision to close the Tupelo plant was part of the Company's ongoing initiatives to improve the operating performance of its Bath Products business segment. Despite cost reductions and improved productivity at Tupelo, the cost to manufacture products at this facility is still significantly higher than sourcing those products from suppliers. As a result, and despite its commitment to this market...
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