P.M. BRIEFING : Gerber Unit to Consolidate
From Times Wire Services
FREMONT, Mich. —
Gerber Products Co. announced today that it will establish an after-tax reserve of $8.3 million, or 22 cents a share, to consolidate its Gerber Childrenswear business.
The consolidation will involve eliminating certain non-strategic product lines and reducing excess manufacturing capacity, said Al Piergallini, Gerber’s chairman, president and chief executive officer.
“When the restructuring of the Gerber Childrenswear segment is complete, we will have a company with lower sales but one that is significantly more capable of contributing to shareholder value through better operating results in both the short and long term,” he said.
