Xerium Announces Planned Closure of Middletown, Virginia Manufacturing Facility
YOUNGSVILLE, NC, October 15, 2015 (BUSINESS WIRE) -- Xerium Technologies, Inc. (NYSE:XRM), a leading global provider of industrial consumable products and services, today announced the permanent consolidation of the roll manufacturing operations being conducted in Middletown, Virginia plant location into other Xerium roll plants. This closure will not affect the operations & employees in Xerium’s Global Rolls R&D Center in Middletown. In fact, it will give the R&D team more room to accomplish product development and prototypes on next generation products. The timeline to complete this process is by the end of March of 2016.
“There are very healthy and growing segments of the North American market and Xerium has an outstanding geographical network of North American rolls locations to serve these customers out of its plants in Neenah, WI; Griffin, GA; Ruston, LA; Concord, NH; Kelso, WA and Queretaro, MX. Unfortunately, the Middletown location is not uniquely near many customer mill locations and also has very limited service capabilities. All of the production accomplished in Middletown, VA will be moved to Xerium’s plants in Neenah, WI; Griffin, GA; Ruston, LA and Concord, NH. The equipment in the Middletown, VA plant will primarily be moved outside North America to other continents that are growing and in need of additional equipment.” said Harold Bevis, Xerium’s President and Chief Executive Officer.
“These changes are a Xerium portfolio resource allocation decision and are not reflective of any performance issues in Middletown, VA. The decision to consolidate the Virginia operation is regretful but logically straight forward. The North America market continues to downsize and reformulate due to the permanent elimination of graphical grade paper production. While unfortunate, it is an ongoing market process that is far from over. We fully expect to continue realigning our operations in this environment. As with any action that affects our employees, the need to close this facility comes with great disappointment. We will work diligently to assist affected employees by helping them transition to other internal opportunities where available or secure employment elsewhere.” said Harold Bevis, Xerium’s President and Chief Executive Officer.“
Xerium Technologies, Inc. (NYSE:XRM) is a leading global provider of industrial consumable products and services. Xerium, which operates around the world under a variety of brand names, utilizes a broad portfolio of patented and proprietary technologies to provide customers with tailored solutions and products integral to production, all designed to optimize performance and reduce operational costs. With 27 manufacturing facilities in 13 countries around the world, Xerium has approximately 3,000 employees.
This press release contains forward-looking statements. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “goals,” variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. Actual results may differ materially from these forward-looking statements and estimates as a result of various important factors, including, without limitation, the factors discussed in our annual report on Form 10-K for the fiscal year ended December 31, 2014, which is on file with the SEC and is available in the investor relations section of our website at www.xerium.com. Any forward-looking statements are as of the date hereof, and we assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as may be required by law.
Director – Global Marketing