North American manufacturer of chlorovinyls and aromatics, Georgia Gulf Corporation has recently announced indefinite closure of its 450 mln pounds pa PVC plant in Sarnia, Ontario (Canada) due to deterioration of housing and construction markets. The plant had operated as a swing plant in 2008; maximum capacity was not reached at the onset of the downfall of the housing and construction markets.
As a result of the Sarnia PVC resin plant closure, the Company expects to record a non-cash charge of about US$50 mln in the Q4-2008. The Company expects the cash costs related to the Sarnia plant closure and other cash restructuring costs incurred in the Q3 and Q4 of 2008 to be approximately US$12 mln.
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