Lydall Provides COVID-19-Related Business Update Announces Ramp-down of its Automotive Facilities
Lydall, Inc. (LDL)
Last lydall, inc. earnings: 4/30 04:30 pm
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ir.lydall.com
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Source: GlobeNewswire
MANCHESTER, Conn., March 20, 2020 (GLOBE NEWSWIRE) -- LYDALL, INC. (NYSE: LDL) today announced the ramp-down of its manufacturing facilities in Hamptonville and Yadkinville, North Carolina; Meinerzhagen, Germany; and St. Nazaire, France in response to a number of Lydall’s largest automotive OEM customers having temporarily ceased operations due to the impact of the COVID-19 (coronavirus) pandemic on the global economy. As a result of these actions and a government-mandated shutdown in Pennsylvania, more than 500 U.S. employees will be laid off and nearly 500 employees in Europe have been asked to stay home. “The decision to ramp-down production at these facilities was not made lightly,” said Sara A. Greenstein, Lydall’s President and Chief Executive Officer. “It was driven by a sharp and immediate decrease in customer demand from the automotive industry and was necessary for the sustainability of our business.” Lydall is offering support and resources to the employees affected by
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