Groz-Beckert Group announces closure of Exeltor in Bedford



    BEDFORD, QC, Sept. 25 /CNW Telbec/ - The Groz-Beckert Group is announcing
the closure of its Bedford, Quebec plant, Exeltor, effective today. Exeltor
manufactured knitting needles for hosiery and large diameter fabric producers.
Changes in the global industry have resulted in declining demand for Exeltor's
products.
    Exeltor is a subsidiary of the Groz-Beckert Group, an international
needle manufacturer based in Germany that markets its products in 150 markets.
Groz-Beckert acquired Exeltor in 1993 when the Bedford company was in serious
financial difficulty. Without any government assistance, Groz-Beckert invested
a significant amount of money to upgrade the plant and increase its
competitiveness. These investments allowed the Company to continue its
operations in Bedford for 15 more years.
    "It is with deep regret that we close the Bedford plant. I would like to
sincerely thank all the plant's employees for their dedication and excellent
service over these many years," said Hans-Jurgen Haug, Senior Executive
Vice-President of Groz-Beckert, who announced the plant closure to employees
in Bedford this afternoon.
    Exeltor's 140 Bedford employees will receive a severance package and have
access to the Company's Employee Assistance Program through which they can
receive counselling and other services.

    About Exeltor/Groz-Beckert Group

    Exeltor manufactured knitting needles for hosiery and large diameter
fabric producers and traced its origins back to 1884 in Bedford. Exeltor was a
subsidiary of the Groz-Beckert Group, a Germany-based manufacturer of needles
for home and industrial applications. This family-owned company, founded in
1852, employs more than 7,000 people and sells its products in 150 markets
worldwide.




For further information:

For further information: Frédéric Tremblay, HKDP, (514) 395-0375, ext.
234, ftremblay@hkdp.qc.ca; Source: Groz-Beckert Group

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GROZ-BECKERT GROUP

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