Symmetry Plans UK Plant Closure
According to a filing with the US Securities and Exchange Commission, on January 30, Symmetry Medical initiated a consultation process with its employees at its facility in Cheltenham, UK, regarding a proposal to cease production at the facility in an effort to streamline the company's footprint and improve its cost structure. Symmetry is a global provider of orthopaedic implants, surgical instruments and sterilisation cases and trays.
The Cheltenham plant is primarily engaged in the manufacture of medical instruments and employs approximately 40 people. FY2013 revenue at the Cheltenham plant was approximately US$4mn, and the plant generated an operating loss for Symmetry. The closure is subject to consultation and discussion with employees at the facility. The planned closure follows a fire at Symmetry's Sheffield, UK facility in September 2013, which destroyed a section of the plant.
In its nine months to September 28 2013, Symmetry experienced a 1.7% decline in revenue compared with the same period in FY2012, and recorded a net loss of US$33.6mn, compared with net income of US$6.2mn in the first nine months of FY12.