USA: New World Pasta to close Pennsylvania Plant
"This is not a reflection on the employees at our Lebanon plant, all of whom worked tirelessly to overcome the increasing obstacles posed by an aging and inefficient manufacturing facility. The closing of this plant was a difficult but necessary decision, and it is a product of the Company's continuing efforts to focus on reducing costs, increasing efficiencies and being competitive in the marketplace," said John Denton, Chairman and Chief Executive Officer of New World Pasta.
The Company will provide severance and outplacement services to eligible individuals whose jobs were eliminated.
New World Pasta is a leading branded dry pasta manufacturer in the United States. On July 30, 2001 New World Pasta completed its purchase of the dry pasta business of Borden Foods Corporation, which included eleven of Borden's pasta brands, and six of its manufacturing facilities. Headquartered in Harrisburg, Pennsylvania, New World Pasta has over 1400 employees worldwide.
Forward Looking Statement
This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company believes the assumptions underlying the forward-looking statements are reasonable. However, any of the assumptions could be inaccurate, and therefore there can be no assurance that the forward-looking statements contained in this release will prove to be accurate. Additional information that could cause actual results to vary materially from the results anticipated may be found in the Company's most recent Form 10-K and other reports filed with the Securities Exchange Commission. Furthermore, the Company disclaims any obligation or intent to update any such factors or forward-looking statements to disclaim future events and developments.
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