Concentric AB announces the closure of its facility in Itasca, Illinois
Concentric AB announced an updated strategy and financial targets to the market on 23rd May, 2023 at its Capital Markets Day. The updated strategy set out the company’s roadmap for the next five years, to accelerate profitable growth in its base and electrical businesses whilst delivering strategic acquisitions and maintaining strong returns to shareholders. The company’s strategic review also included the optimization of its North American manufacturing footprint to create dedicated centers of excellence closer to our customers, and ensure the achievement of financial and other targets.
Today, Concentric announces the company has decided to close its facility in Itasca, Illinois.
Following the 2021 acquisition of EMP and subsequent integration of commercial and operational responsibilities, synergies have been identified resulting in the decision to relocate assembly and machining to facilities located in Greenfield, IN and Escanaba, MI. The consolidation of the Itasca facility into our existing North American facilities will achieve annual operational savings of MSEK 12.
Employees will be offered support by the company and customers should experience no business disruptions during the transition, which should be completed early 2024.
This information is of the type that Concentric AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on 25 July 2023.
For additional information please contact Marcus Whitehouse, telephone +44-121-445 6545
Concentric AB is an innovator in flow control and fluid power, supplying proprietary systems and components to the world’s construction equipment, truck, agricultural machinery and industrial applications end-markets. The company has a global manufacturing presence including in the USA, Germany, UK, Sweden, India and China. Concentric’s focus is to develop world class technology with innovative solutions that meet the sustainability needs of our customers. Concentric offers engine products including lubricant, coolant and fuel pumps and hydraulic products encompassing gear pumps and power packs. Concentric also offers a range of products developed for the fast-growing electric and hybrid powertrain market including, electric water and oil pumps, electric fans, thermal management systems and electro hydraulic steering. In 2022, the Group had a turnover of MSEK 4,056 and circa 1,207 employees.