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LONDON - Structural steel specialist Billington Holdings Plc (AIM:BILN) announced Tuesday it is proposing to close its Yate facility near Bristol as part of a restructuring of its structural steel operations.
The company plans to consolidate operations at its Wombwell and Shafton sites in Barnsley, according to a press release statement. Billington has begun consultation with potentially affected employees at the Yate location.
The proposed consolidation would allow the company to better align operational capacity with market demand while reducing overheads and delivering cost efficiencies, the company said. Recent capital investments at the Barnsley facilities have increased productive output capacity, while the expansion of night shifts at the Shafton facility has created opportunity to transfer production from Yate.
Billington indicated the restructuring would enable the company to eventually realize the inherent value of the Yate site through optimization of fixed assets, transfer of productive output, and redeployment of resources where possible.
The announcement follows the company's interim results released on September 30, where management noted it continuously reviews operations to ensure optimal efficiency and alignment with current and projected market conditions.
Billington, which specializes in structural steel and construction safety solutions in the UK, said it will make further announcements regarding the facility's future following the completion of employee consultations.
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