Precision Castparts to close unit, take charge

Newswire

PORTLAND, Ore., Sept 24 (Reuters) - Industrial parts supplier Precision Castparts Corp. said on Tuesday it will exit the automotive machine tool business due to a decline in the machine tool industry. As a result, the company said it would take a $23 million charge before taxes in the current quarter. After taxes, the charge will total about $15 million. The charge will cover costs for the closure of the company's PCC Olofsson facility in Lansing, Michigan, as well as the closure of its ...

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