Goodrich to Close Plant That Makes Aircraft Landing Gear

Cleveland facility employs 400 people.

Goodrich Corp. said it will close its landing-gear facility in Cleveland by the end of 2012.

The Charlotte-based aerospace and defense company said it is closing the plant "due to program volume decline and the lack of appropriate new work to cost-effectively fill available capacity."

The Cleveland plant, which employs 400 people, supplies landing-gear equipment for commercial and military customers, according to Goodrich.

Goodrich in a news release said the work being performed at the plant "will be gradually transferred to other landing-gear facilities."

Due to the plant closure, Goodrich noted that the company expects to record pre-tax charges totaling approximately $39 million, of which 40% are non-cash. The charges will be spread out over the next few quarters.

The company, which posted revenues of $7 billion in 2010, said it will revise its 2011 outlook to reflect the charges as part of its second-quarter-results earnings release on July 28.

TAGS: The Economy
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