Lyndall Sees Restructuring As Improving Profits
Lyndall Inc., Manchester, Conn.,
recently announced a major restructuring plan in line with the company's previously announced
strategic direction as a manufacturer of thermal and filtration products.
The company announced the impending sale of certain operations unrelated to its core focus; the discontinuation and eventual sale of its Woven Products Segment; and the recognition of a reduction in the values of certain assets, including two facilities of the Gerhardi operation located in Germany.
"Lydall will emerge from this restructuring as a much more focused and profitable company with strong growth prospects in its core businesses," said Christopher R. Skomorowski, president and CEO. "We are confident that these actions, which are largely non-cash write downs of asset values will help us to meet our goals of gross margins of 30 percent and operating margins of at least 10 percent in 2000."