Ball Shutters Illinois Factory

Watch stocks you care about

The single, easiest way to keep track of all the stocks that matter...

Your own personalized stock watchlist!

It's a 100% FREE Motley Fool service...

Click Here Now

On Tuesday, can maker-cum-aerospace supplier Ball (NYSE: BLL  ) announced plans to shutter its Elgin, Ill., food-can and aerosol-can manufacturing plant by December, shifting production to other Ball factories. The company described the move as aimed at reducing overall production capacity, which should improve utilization at the factories to which production is shifted.

The 245 workers employed at the Elgin plant will be able to apply for positions at the plants to which production will be shifted. Otherwise, the company says they will be "provided benefits, including outplacement and severance pay, in accordance with company policies and the effects bargaining process."

As for Ball itself, the company advised that it will be taking an after-tax charge to earnings of approximately $21 million, most of which will be incurred in 2013.

Ball shares closed down 0.6% at $44.89 Tuesday ahead of the announcement but more than recovered their losses in after-hours trading, after news of the closure came out.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2251771, ~/Articles/ArticleHandler.aspx, 9/30/2016 11:56:47 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,310.17 166.72 0.92%
S&P 500 2,168.37 17.24 0.80%
NASD 5,309.85 40.70 0.77%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/30/2016 11:30 AM
BLL $81.27 Up +0.37 +0.46%
Ball Corp CAPS Rating: ***