Measurement Specialties Announces Consolidation of U.S. Temperature Operations
Measurement Specialties, Inc.
1000 Lucas Way
Hampton, VA, 23666
Press release date: March 14, 2014
HAMPTON, Va. – Measurement Specialties, Inc. (Nasdaq:MEAS), a global designer and manufacturer of sensors and sensor-based systems, announced today that it will close and consolidate its US Temperature operations in Dayton, OH, St. Marys, PA, Shrewsbury, MA and Ham Lake, MN into a new Greenfield facility that is being built in Andover, MN.
Frank Guidone, Company CEO, commented, "This consolidation will not only improve MEAS' efficiency and capital utilization, but will provide our customers a single point of contact for their temperature sensing needs in the US. Restructuring costs including severance, retention, relocation and equipment transfers are expected to be roughly $2.5 to $3.0 million while annual savings resulting from consolidation efficiencies are expected to be roughly $2.0 to $2.5 million. We will begin moving production in calendar year 2014 and expect to complete all transfers and facility closures by the end of calendar year 2015."
About Measurement Specialties: Measurement Specialties, Inc. (MEAS) designs and manufactures sensors and sensor-based systems to measure precise ranges of physical characteristics such as pressure, temperature, position, force, vibration, humidity and photo optics. MEAS uses multiple advanced technologies - piezo-resistive silicon sensors, application-specific integrated circuits, micro-electromechanical systems ("MEMS"), piezoelectric polymers, foil strain gauges, force balance systems, fluid capacitive devices, linear and rotational variable differential transformers, electromagnetic displacement sensors, hygroscopic capacitive sensors, ultrasonic sensors, optical sensors, negative thermal coefficient ("NTC") ceramic sensors, mechanical resonators and submersible hydrostatic level sensors - to engineer sensors that operate precisely and cost effectively.
CONTACT: Mark Thomson, CFO, (757) 766-4224