Gibraltar Industries to Exit US Bar Grating and European Residential Solar Racking
Action Aligned with Portfolio Management Strategy to Focus Resources on Businesses with Highest Potential Returns
“We would like to express our sincere gratitude and appreciation to the
employees who will be affected by the exiting of this product line and
business,” said
“We made the decision to exit these product lines after assessing their prospects for future growth in the context of our portfolio management and 80/20 strategic initiatives to focus resources on the highest-return markets, platforms and businesses. These actions will enhance the overall profitability and financial strength of the Company going forward and also will benefit future employment and career opportunities across Gibraltar’s group of companies.”
The combined effect of these actions on the overall Company is expected
to reduce annual revenues by approximately
The Company expects to record after-tax charges approximating
Safe Harbor Statement
Information contained in this news
release, other than historical information, contains forward-looking
statements and is subject to a number of risk factors, uncertainties,
and assumptions. Risk factors that could affect these statements
include, but are not limited to, the following: the availability of raw
materials and the effects of changing raw material prices on the
Company’s results of operations; energy prices and usage; changing
demand for the Company’s products and services; changes in the liquidity
of the capital and credit markets; risks associated with the integration
and performance of acquisitions; and changes in interest and tax rates.
In addition, such forward-looking statements could also be affected by
general industry and market conditions, as well as general economic and
political conditions. The Company undertakes no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable law
or regulation.
About
View source version on businesswire.com: http://www.businesswire.com/news/home/20161202005378/en/
Source:
Gibraltar Industries, Inc.
Kenneth Smith, 716-826-6500 ext. 3217
Chief
Financial Officer
kwsmith@gibraltar1.com