Accuride Posts Fourth Quarter Losses
Accuride Corp.'s fourth quarter results were hit by the continued industry-wide downturn in truck production and some unplanned shutdowns by customers
Accuride Corp.'s fourth quarter results were hit by the continued industry-wide downturn in truck production and some unplanned shutdowns by customers.
Accuride reported sales of $91.1 million for fourth quarter 2000, down from $128.8 million for fourth quarter 1999. Net loss for the quarter for the quarter was $6.6 million, compared to a net income of $4.4 million the previous year. For the full year, Accuride sales were $475.8 million compared to $505.9 for 1999. Net income was $2.5 million compared to $25.3 million.
President and CEO Glen Gruebel said they're "taking the restructuring actions necessary to navigate through the trough" including a 10 percent reduction in salaried workforce, heightened focus on continuous improvment, and a significant reduction in capital spending.
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