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Intermet Closing Alabama Aluminum Plant

TROY, MI-The manufacturer of powertrain, chassis/suspension and structural components for the automotive industry couldn't overcome financial losses from last year. It expects to take a hit of $0.40 per share.

By Robert Carr | Updated on October 24, 2001

TROY, MI-Intermet Corp. plans to close its Alexander City, AL lost-foam aluminum plant in mid-December. The company is a manufacturer of powertrain, chassis/suspension and structural components for theautomotive industry.

“We are disappointed to be taking this action, especially since the plant has had a remarkable turnaround in the last two quarters,” says Todd Heavin, vice president of the company’s light metals group. “Due mainly to the efforts of our employees, the Alexander City plant has been profitable while producing high-quality products with consistent on-time deliveries. Unfortunately, the launch problems and the subsequent financial losses at the plant late last year and early 2001 caused its two principal customers to question the long-term viability of the facility. They began a resourcingprocess that became too difficult and expensive to retract once the turnaround occurred.”

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