Date: 2013-08-01

Kaydon To Close South Carolina Bearings Facility

Kaydon Corp. says that due to the uncertainty surrounding the production tax credit (PTC), it is closing one of its three facilities in Sumter, S.C., as part of a plan to restructure its wind energy bearings business.

The company says the work performed at the to-be-shuttered facility, which was previously devoted to the wind energy and military ground vehicle markets, will be transferred to its other locations. The transfer of production will begin this year and is expected to be complete next year.

Kaydon says it will record a pre-tax charge of approximately $47 million to $52 million in the third quarter, of which all but $900,000 will be non-cash.

Like many companies that have recently made restructuring announcements, Kaydon says Congress

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