Tubacex restructures in N. America

Tubacex is to restructure production in its US plants. Operations at the plant of its subsidiary, Altx Inc., in Albany, will be suspended indefinitely and production will be moved to its centres in Greenville (Pennsylvania), Llodio (Spain) and Ternitz (Austria). This decision was taken because, after three years from its acquisition, Altx has not reached its initial industrial and business targets. As a result, around 6% of the group’s workforce will be reduced. The restructuring process of this North American subsidiary is scheduled for completion by the end of December 2002. The decision does not affect the Group’s other plant in the US, which in spite of the adverse market situation, will post good results for the year. Ongoing commercial operations and the market supplied by Altx will now be handled by the group’s plants in America and Europe and, as a result, today’s decision will not impact on the company’s market share, currently standing at 22%.

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