Kurabo Industries to close Anjo factory, books $15m loss
Kurabo Industries (TSE:3106) announced that its board of directors has resolved to close the Anjo factory. The closure is part of a restructuring of its textile business to strengthen the segment's overall earnings base. The company said that the domestic spinning and weaving factory's cost competitiveness had declined due to rising energy costs and aging equipment. Spinning and weaving operations at the Anjo factory will cease June 30. As a result, Kurabo expects to book an extraordinary loss of approximately $15 million in its consolidated and non-consolidated financial results for the year ending March 2025. Kurabo will strengthen the functions of the Textile Innovation Center as a development base for high value-added materials, transfer production to overseas affiliates and develop a global supply chain system. The company will decide how to handle the 166 employees affected in consultation with the labor union.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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