Framingham Label Plant To Close
Ohio-based label company Multi-Color Corp. will close a Framingham plant, putting 62 people out of work.
The company said it will consolidate its heat transfer label manufacturing facility in Framingham into its other facilities elsewhere. Final plant closure will talk place within the next several months.
The company also said it expects its total net revenues for the third quarter to increase about 30 percent, to $63 million. The increase is due to the acquisition of Australian company Collotype International Holdings Ltd., and is offset by a 15 percent drop in organic growth.
Multi-Color said it expects a total charge related to the closure of about $2.6 million in its fourth quarter, ending March 31. About $1.4 million of that represents employee severance and other termination benefits, while the rest is non-cash charges related to asset impairments.
For 2007, the company reported $11 million in net income.
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