NEW YORK, Nov 20 (Reuters) - GenCorp Inc. on Thursday said it plans to close Snappon SA, a company located in Chartres, one of three GDX Automotive manufacturing facilities in France, due to declining sales volumes with French automobile manufacturers.
The Chartres facility makes automotive sealing systems and about 260 employees are expected to be affected by the plant closure, GenCorp said.
The company said it expects related costs to result in a net charge to earnings in the second quarter of 2004 of about $10 million to $15 million. GenCorp said it plans to record impairment charges and asset write-downs related to the project, which are expected to be substantially offset by the U.S. tax benefits, during the fourth quarter of 2003.