Goodrich to Close Landing Gear Facility

By Features FOXBusiness

Goodrich Corp. (GR) announced Wednesday it plans to close its Marble Avenue landing gear facility in Cleveland, Ohio by the end of next year.

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The global supplier of aerospace systems and services said the plan is a response to the decline in program volume and shortage of appropriate labor to cost-effectively fill capacity.

About 400 employees work at the Marble Avenue facility, which supplies landing gear to commercial and military customers. These activities will be transferred to other landing-gear facilities.

Goodrich expects to record a pre-tax charge totaling approximately $39 million with the closure, of which 40% is non-cash.

Approximately $16 million (8 cents per diluted share) will be recorded in the second quarter of 2011 and approximately $5 million (3 cents per diluted share) will be recorded in the second half of 2011. Approximately $15 million (7 cents per diluted share) will be recorded next year.  

These charges will be reflected in Goodrichs second quarter results to be unveiled on July 28.