Nov. 7, 2007 - Wolverine To Discontinue U.S. Plumbing Tube Business
Demand for copper plumbing tube has declined over the last several years as plastic tubes have emerged as a cheaper substitute in residential construction, the company said.
The Huntsville, AL-based company said it will cut about 40 percent of its corporate, general and administrative positions, totaling about 40 employees. It expects about $1 million in severance costs to be accrued in the current quarter related to the elimination of these positions. The company projected impairment and restructuring charge of about $72 million related to the closure of the facilities located in Decatur, AL and Booneville, MS.