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Carrington Wire to Wind Down Business
Jan. 19, 2010 Carrington Wire will implement a managed wind down of the business due to continuing losses resulting from a contraction of the steel-wire market. This move includes the closure of the Elland manufacturing plant over the coming months, following a full review of the business and a two-month consultation period with employees.
Carrington Wire, acquired by Severstal-Metiz in April 2006, has experienced declining sales over the last years.
The company says it will implement the wind down process in consultation with colleagues and their representatives. It also plans to work with customers to ensure that any potential disruption to their businesses is kept to a minimum as they establish alternative supply arrangements.
“We have worked hard over recent years to establish a sustainable business. In spite of financial support and initiatives to return the business to profitability, including the consolidation of manufacturing at Elland, Carrington Wire is no longer viable,” said Oleg Veter, CEO of Severstal-metiz Group of Companies.