QUEBEC CITY, April 28 /CNW Telbec/ - Sigma Industries Inc. (TSX Venture
Exchange: SIC), a manufacturing company specialized in the production of
composite and metal components, announces the upcoming closure of its Acton,
Vale, Quebec manufacturing facility. The closure is scheduled for
mid-September 2009 and Management estimates the process will result in a
non-recurring charge of $300,000 to be recognized in the second quarter of the
Company's 2010 fiscal year that began on April 26, 2009.
At the moment, only about 40 employees are at work because of difficult
conditions in the main market segments serviced by the facility which mainly
manufactures composite hoods for the heavy truck and vocational truck markets.
Production of components that will be terminated upon closure of the plant
represent annual sales of approximately $6 million with only one client who
favoured a new technology for its outsourced work.
"We regret the impact of these measures for our employees and their
families, but production rates must appropriately reflect difficult market
conditions caused by the global financial and economic crisis that continues
to prevail in the heavy-duty truck industry," said Denis Bertrand, President
and Chief Executive Officer.
ABOUT SIGMA INDUSTRIES
Sigma Industries Inc. (TSX-V: SIC), a manufacturing company specialized
in the production of composite and metal components, has six operating
subsidiaries and employs close to 300 people. The Company is active in the
heavy-duty truck, coach, transit and bus, train and subway, machinery,
agriculture, and wind energy market segments. Sigma sells its products to
original equipment manufacturers and distributors in the United States, Canada
This press release contains certain forward-looking statements with
respect to the Company. Such forward-looking statements are dependent upon a
certain number of factors and are subject to risks and uncertainties. Actual
results may differ from those expected. The information contained in this
press release is dated April 28, 2009, the date on which the Directors
approved the press release. Management does not assume any obligation to
update or revise any forward-looking statements, whether as a result of new
information or future events, except when required by law.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Denis Bertrand, President and Chief Executive
Officer, Sigma Industries Inc., (418) 780-3902,
firstname.lastname@example.org; Bertrand Côté, Chief Financial Officer, Sigma
Industries Inc., (418) 780-3903, email@example.com; Martin
Goulet, CFA, MaisonBrison, (514) 731-0000, firstname.lastname@example.org