K2 Inc., a maker of skis and snowboards that began moving some production to Asia in 1999, said it will close four U.S. plants and shift more manufacturing to China to reduce expenses. The move will eliminate 450 jobs, or about 16% of the Los Angeles-based company's work force.
K2, which also makes other sporting goods, plans to close its ski-making facility in Vashon Island, Wash., and three smaller plants in Minnesota and Alabama.
With the closure of the Washington plant, scheduled by the end of September, all of K2's skis and snowboards will be produced in China. The company expects the move to result in savings of $7 million a year.
After the closures, K2 said it will have four U.S. plants in Minnesota, South Carolina and Florida.
Shares of the company fell $1.84 to $9.96 on the NYSE.