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Kongsberg Automotive Holding ASA Kongsberg, Norway, July 30, 2008 - Kongsberg Power Products Systems AS, which is a subsidiary of Kongsberg Automotive Holding ASA, has declared it will close the factory in Selmer, Tennessee on October 1, 2008.
The factory in Selmer has 100 employees, and the workforce will be informed at meetings today. The facility today produces light duty cables to the Outdoor Power Equipment and Furniture markets. The closure of the factory will lead to a transfer of production in Selmer to existing Kongsberg Automotive locations within the United States.
The closure is due to the company's need for realizing cost savings in order to improve overall competitiveness.
"To Kongsberg Automotive, it is decisive that we find ways to optimize our production in order to stay competitive in an ever increasingly competitive global market. The transfer of business from Selmer will better align us to market needs and restore profitability for the Division to an acceptable level", says President for Power Products Systems, Jim Ryan.
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Kongsberg Automotive is headquartered in Kongsberg, Norway and has more than 50 facilities in 20 countries on all continents. Kongsberg Automotive, with revenues of about EUR1 billion and over 11,000 employees, provides system solutions to vehicle makers around the world. The product portfolio includes gearshift systems, cables for a wide variety of applications, fuel lines, tubing and hoses, couplings, clutch actuation, stabilizing rods, seat heaters, seat ventilation, lumbar supports, head restrains, arm rests, steering columns, pedals, electronics and displays. Find more information at www.kongsbergautomotive.com.
FOR MORE INFORMATION, CONTACT: Jim Ryan President, Power Products System Phone: +1 936 856 8773. Mobile: +1 936 522 6714
Ronny Lie Director Communication Phone : +4732770511. Mobile : +4791610798
