4th-quarter news boosts Milacron
Shares of struggling Milacron Inc. jumped nearly 27 percent Tuesday after the maker of plastic processing equipment reaffirmed previous fourth-quarter earnings guidance and said sales will be slightly above expectations. Milacron's shares closed at $4.09, up 86 cents. The company, which has faced depressed sales and debt refinancing concerns, will report fourth-quarter and year-end results Feb. 11. It said it would report a non-cash pretax goodwill impairment charge of about $14 million for the fourth quarter in addition to a preliminary pretax goodwill impairment of $52.3 million taken in the third quarter. Milacron said it ended 2003 with cash of $90 million, up from $62 million at the beginning of October. Sales are expected to be slightly above the $193 million high-end guidance provided by the company in October.
Distribution center in Erlanger closing
ERLANGER - The Plaid Clothing Co. distribution center is closing, eliminating 70 jobs. Lennart Bjorklund, executive vice president of manufacturing for parent Hartmarx Corp. in Chicago, said the shutdown, to be completed by the end of August, is part of a restructuring and consolidation plan to improve efficiency for the maker of men's clothing. He said distribution handled from the leased Plaid Clothing facility would be moved to other company facilities. Terminations will begin in mid-March.
Seapine Software gets state funds
Seapine Software, a Mason company that makes software-development life-cycle management tools, has received $465,000 from Ohio to buy machinery and equipment for a new production plant. Ohio was competing with sites in Russia and South Africa for the project, which is expected to create 45 jobs and retain 30 jobs.
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