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Electronics Production | May 24, 2007

Heavy Costs For Simclar Scotland Closure

In its annual report that was published last week, Simclar chairman Sam Russell said the cost of writing off the group's investment in Simclar (Ayrshire) had been written back into the 2005 accounts, though no figure was placed on this expense.
Simclar Group took a charge of £1.1m for reorganisation and rationalisation costs. Operating profits before this charge totalled £1.8m against £5.9m the previous year. The Simclar group posted a pre-tax loss of £1.1m for calendar 2005, against a profit of £2.9m in the previous 12 months. Sales dipped from £128.7m to £120.9m.

Simclar announced in February 2007 that it was closing two of its plants in Irvine and Kilwinning in Ayrshire. 420 employees lost their jobs.

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