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Rail News: Mechanical
Because losses continue to mount at YSD Industries Inc., Global Railway Industries Ltd. has decided to close up shop at the subsidiary it’s owned since April 2004. On or about Jan. 16, 2006, Global Railway plans to shutter YSD’s Youngstown, Ohio, plant. The company recently sent a 90-day notice to YSD employees.
Founded in 1924 as The Youngstown Steel Door Co., YSD produces rail-car doors and sides, hopper-car outlet gates, box-car roofs, auto-rack side screening and roofs, and stamped grating products.
In the fourth quarter, Global Railway officials expect to write-off about $932,000 in deferred development costs and $1.27 million in operating expenses — including the plant closing — tied to YSD.
“After an internal review of YSD's operations and its end market, we are making the decision to close YSD to better align our resources within Global's existing rail products markets,” said Global Railway President and Chief Executive Officer Terry McManaman in a prepared statement.
Through subsidiaries Rafna Industries Ltd., G&B Specialties Inc., Bach-Simpson Corp. and Prime Railway Services, Global Railway supplies event recorder monitoring/control systems, train speedometers, track and signal components, and rail gear.
Earlier this month, Global Railway fired Chairman, President and CEO Michael Kohut, and appointed McManaman president and CEO, and Phil Ogden, chairman.
10/18/2005
Rail News: Mechanical
Global Railway to close down YSD Industries
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Because losses continue to mount at YSD Industries Inc., Global Railway Industries Ltd. has decided to close up shop at the subsidiary it’s owned since April 2004. On or about Jan. 16, 2006, Global Railway plans to shutter YSD’s Youngstown, Ohio, plant. The company recently sent a 90-day notice to YSD employees.
Founded in 1924 as The Youngstown Steel Door Co., YSD produces rail-car doors and sides, hopper-car outlet gates, box-car roofs, auto-rack side screening and roofs, and stamped grating products.
In the fourth quarter, Global Railway officials expect to write-off about $932,000 in deferred development costs and $1.27 million in operating expenses — including the plant closing — tied to YSD.
“After an internal review of YSD's operations and its end market, we are making the decision to close YSD to better align our resources within Global's existing rail products markets,” said Global Railway President and Chief Executive Officer Terry McManaman in a prepared statement.
Through subsidiaries Rafna Industries Ltd., G&B Specialties Inc., Bach-Simpson Corp. and Prime Railway Services, Global Railway supplies event recorder monitoring/control systems, train speedometers, track and signal components, and rail gear.
Earlier this month, Global Railway fired Chairman, President and CEO Michael Kohut, and appointed McManaman president and CEO, and Phil Ogden, chairman.
