Tuesday, July 3, 2012

Xerium (OTCBB: XRM) unveils restructuring plan

Xerium (OTCBB: XRM) unveils restructuring planOrlando, FL 7/3/12 (StreetBeat) -- Raleigh-based Xerium Technologies Inc. (NYSE: XRM), which makes clothing and roll covers used primarily in the paper production process, on Monday announced a restructuring that would impact its operations in Argentina and France. In Argentina, the production of press felts and fiber cement felts will be transferred to the company’s facilities in Brazil and the roll cover production of its facility in France will be transferred to Xerium's rolls facilities in Germany and Italy.

The changes are expected to be made over the next several months. The company estimates it will incur $10 million in restructuring charges as a result of the moves.

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