Castings braced for one-off costs after completing business review

Brownhills-based Castings has warned it is likely to incur a one-off cost of almost £3.5m following a review of the business. Following a change of management at the business, a review into its machining operations has been now been completed, resulting in a decision to exit a number of projects deemed ‘not suitable’ for the group. The total cost of exiting these projects is £1.3m which comprises write-downs of specific capital and tooling equipment and exiting contract commitments to purchase equipment. In a trading up... For the full story register now for free or login below...