More factory and warehouse closures are on the horizon for Shelton-based Hubbell Inc.
The electrical products manufacturer is looking to reduce roughly 10 percent, or 1 million square feet, of its footprint of manufacturing and warehouse space, according to officials during a Tuesday morning quarterly earnings conference call.
“We ramped up footprint consolidation efforts in the second quarter with more to come in the second half (of 2019),” said Hubbell president and CEO Dave Nord during the conference call.
Hubbell plans to invest roughly $60 million over the next two years to consolidate larger warehouses and facilities. About half of that investment is expected to help with efforts this year, according to Dan Innamorato, director of investor relations for Hubbell
He said the company already has roughly 10 active projects planned that would consolidate 500,000 square feet of space during the remainder of 2019. Neither Nord nor Innamorato commented on where the projects are located.
Hubbell has 75 factories and distribution facilities worldwide and nearly 20,000 employees.
The Shelton-based company announced in June that it would shut down its electrical component’s factory in Newtown and its Burndy plant in Bethel in coming months, eliminating 194 jobs.
The Newtown plant, which is the manufacturer’s largest in the state, employs 140 people; the Bethel facility employs 54.
Most of the work will move to a larger Hubbell facility in Vega Baja, Puerto Rico. Most of the work at the Burndy plant, which Hubbell acquired in 2009, will move to Alabama.
Hubbell earned a net of $96 million last quarter, or $1.75 a share, compared with $100 million, or $1.82 a share, in...
from Business https://www.ctpost.com/business/article/Hubbell-Inc-plans-consolidation-layoffs-14262205.php
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