AUBURN HILLS, Mich., Nov. 26 /PRNewswire-FirstCall/ -- Champion
Enterprises, Inc. (NYSE: CHB), a leader in factory-built construction,
today announced that it will close its manufacturing facility in Guin, Ala.
As a result of the closure, the Company expects to record pretax
restructuring charges of up to $4.5 million in the fourth quarter ending
Dec. 29, 2007.
"We regret having to make the decision to close our Guin, Ala.
operation which has been part of the Champion organization since the late
1980s, but its capacity utilization rate and profitability continue to run
well below acceptable levels and any near-term improvement appears
unlikely," stated William Griffiths, chairman, president and chief
executive officer of Champion Enterprises, Inc. "This is the seventh
manufacturing facility we have idled or closed since mid-2006 in an effort
to continue delivering strong segment operating margins despite challenging
U.S. housing markets."
About Champion
Auburn Hills, Michigan-based Champion Enterprises, Inc., a leader in
factory-built construction, operates 31 manufacturing facilities in North
America and the United Kingdom working with independent retailers, builders
and developers. The Champion family of builders produces manufactured and
modular homes, as well as modular buildings for government and commercial
applications. For more information, please visit http://www.championhomes.com.
Forward-Looking Statements
This news release contains certain statements, including statements
regarding expected restructuring charges and segment operating margins,
each of which could be construed to be forward-looking statements within
the meaning of the Securities Exchange Act of 1934.
These statements reflect the Company's views with respect to future
plans, events and financial performance. The Company does not undertake any
obligation to update the information contained herein, which speaks only as
of the date of this press release. The Company has identified certain risk
factors which could cause actual results and plans to differ substantially
from those included in the forward-looking statements. These factors are
discussed in the Company's most recently filed Form 10-K and other filings
with the Securities and Exchange Commission, in each case under the section
entitled "Forward-Looking Statements," and those discussions regarding risk
factors are incorporated herein by reference.
SOURCE Champion Enterprises, Inc.
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Related links:
http://www.championhomes.com
http://www.prnewswire.com/comp/110861.html /
CONTACT:
Laurie Van Raemdonck, Vice President,
Investor Relations, Champion Enterprises, Inc., +1-248-340-7731,
lvanraemdonck@championhomes.net; or Media, Christine Fisher of
pushtwentytwo, +1-248-335-9500, ext. 30,
cfisher@pushtwentytwo.com, for Champion Enterprises, Inc.
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