Raytech Corporation Announces Relocation of Corporate Office and Profitability Initiatives in Domestic OEM Business
October 04 2005 - 5:01PM
Business Wire
Raytech Corporation (NYSE: RAY) announced today that it has
completed the previously announced closing of its former corporate
office located in Shelton, Connecticut. Raytech's corporate office
is now located at: -0- *T Raytech Corporation 711 Tech Drive
Crawfordsville, Indiana 47933 (765) 359-2882 *T Raytech Corporation
also today announced that as part of its strategy to improve
production and profitability in its Domestic OEM segment, Raytech's
subsidiary, Raybestos Products Company ("RPC") plans to exit its
steel stamping business, primarily used to manufacture parts for
its heavy-duty friction business. RPC will begin transitioning the
steel stamping business to outside suppliers as well as moving the
related heavy-duty paper assembly plant to a location near the
outside supplier during the fourth quarter of 2005 and expects to
complete such transition by the end of the second quarter of 2006.
Raytech Corporation also announced that it has begun discussions
with the labor representatives of RPC's Crawfordsville, Indiana
plant on ways to further improve that plant's productivity and
profitability including the possibility of relocating certain of
the remaining Crawfordsville operations to other more cost
competitive locations or finding ways to match such cost savings
benefits in the Crawfordsville location. RPC's current contract
with its union expires on May 1, 2006. Larry Singleton, President
and Chief Executive Officer stated, "Raybestos Products Company
competes in a global market. Our customers are demanding lower
costs for the products we provide in a highly competitive industry.
We have to take the necessary steps to reduce our costs to satisfy
our customers' needs while providing an adequate return for our
shareholders." Raytech Corporation is a worldwide manufacturer of
wet and dry clutch, power transmission and brake systems as well as
specialty engineered polymer matrix composite products and related
services for vehicular applications, including automotive OEM,
heavy duty on-and-off highway vehicles and aftermarket vehicular
power transmission systems. Through two technology and research
centers and five manufacturing operations worldwide, Raytech
develops and delivers energy absorption, power transmission and
custom-engineered components focusing on niche applications where
its expertise and technological excellence provide a competitive
edge. Raytech Corporation, headquartered in Crawfordsville,
Indiana, operates manufacturing facilities in the United States,
Germany and China as well as technology and research centers in
Indiana and Germany. The Company's operations are strategically
situated in close proximity to major customers and within easy
reach of geographical areas with demonstrated growth potential.
Raytech common stock is listed on the New York Stock Exchange and
trades under the symbol "RAY." Company information may be accessed
on our Internet website http://www.raytech.com. From time to time,
information provided by Raytech Corporation, statements made by its
employees, or information included in its filings with the
Securities and Exchange Commission may contain statements which are
so-called "forward-looking statements" and not historical facts.
Forward-looking statements can be identified by the use of words
such as "believe," "expect," "intend," "anticipate," "in my
opinion," and similar words or variations. These forward-looking
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Raytech's actual
future results may differ significantly from those stated in any
forward-looking statements. Forward-looking statements involve a
number of risks and uncertainties, including (without limitation)
product demand, pricing, market acceptance, litigation, risks in
product and technology development, and other risk factors detailed
from time to time in Raytech's Securities and Exchange Commission
reports (including its Forms 10-K and 10-Q).
Raytech (NYSE:RAY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Raytech (NYSE:RAY)
Historical Stock Chart
From Sep 2023 to Sep 2024