AnonymousGateway closes plant, cuts jobsWed Sep 3 15:13:16 2003184.108.40.206Gateway closes plant, cuts jobsComputer maker will take charge of $120M to $160M as it looks to save$115M to $130M a year.
http://money.cnn.com/2003/09/03/technology/gateway.reut/index.htm September 3, 2003: 11:46 AM EDTSAN FRANCISCO (Reuters) - Gateway Inc. said Wednesday it will overhaulits sourcing and logistics by closing a manufacturing facility andconsolidating some operations, eventually saving the computer maker$115 million to $130 million a year.Shares of Gateway (GTW: up $0.24 to $6.32, Research, Estimates) rose 4percent in morning trade on the New York Stock Exchange.Poway, Calif.-based Gateway, which has posted losses in 10 of the last11 quarters, said it expects to book related expenses of $120 millionto $160 million. The costs will be recognized primarily over threequarters, it said.Gateway said it will close a manufacturing complex in Hampton, Va.,and cut staffing at two facilities in South Dakota. The company alsosaid it would explore other opportunities to outsource operations.The company has moved to broaden its product line to include gadgetsand flat-screen televisions amid fierce competition with leading PCmakers Dell Inc (DELL: up $0.46 to $34.05, Research, Estimates). andHewlett-Packard Co (HPQ: up $0.32 to $20.52, Research, Estimates).
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