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Technology Stocks : ACX Tech -Coors- Graphic Pkg (NYSE:GPK) -- Ignore unavailable to you. Want to Upgrade?

To: kinkblot who wrote (1)	8/12/1998 2:43:00 PM
From: kinkblot	Read Replies (1) \| Respond to of 27

News - CCC electronic package operations will be relocated to Colorado. Although this 'move' may have a relatively minor impact in and of itself, it indicates that management is starting to execute the initiatives mentioned in the Q2 report: "To address the trend of declining margins [at Coors Ceramics], the company is undertaking several initiatives. Management is currently developing a plan to consolidate facilities in order to maximize plant efficiencies and capacity utilization. Additionally, the company is working on a realignment of its management structure to organize around customers and further emphasize end markets." ............................................................................. Wednesday August 12, 9:30 am Eastern Time Company Press Release Coors Ceramics Company Announces Facility Relocation GOLDEN, Colo., Aug. 12 /PRNewswire/ -- ACX Technologies, Inc. (NYSE:ACX) today announced that Coors Ceramics Company will move its Chattanooga, Tennessee operations to one of its Colorado facilities. It is expected that the operations will be relocated by the end of the first quarter, 1999, at which time the operation in Chattanooga will be closed, impacting the 175 employees currently employed in that facility. In making this announcement, Joe Coors, Jr., Chief Executive Officer and President of Coors Ceramics, stated, "We believe that by consolidating our manufacturing, we can be more competitive and operate more cost effectively. Although this was not an easy decision, intense offshore competition in the electronic package market has made it uneconomical for us to continue to have an entire facility dedicated to these product lines." Coors Ceramics estimates the cost of moving the operations and closing the facility at $6 million. However, the consolidation is expected to result in a $1 million to $2 million annual improvement in earnings from these product lines. It is expected that some employees will be offered opportunities to relocate to other Coors Ceramics' facilities. The Company plans to coordinate job retraining and outplacement with state agencies. The facility, at 511 Manufacturer's Road, Chattanooga, Tennessee, will be placed on the market for sale. SOURCE: ACX Technologies, Inc.