Dura to Relocate 2,000 Jobs Overseas

Dura Automotive Systems announced Friday plans to move 2,000 jobs overseas as part of an operational restructuring plan. The company's board of directors aims to spend less than $100 million to move the 2,000 jobs, according to a form filed with the Securities and Exchange Commission Friday. Additionally, the board approved a plan to pay an aggregate of $952,480 to employees affected by the restructuring. In the same filing, the Rochester Hills, MI-based auto parts maker announced it has fully divested its German unit Dura Automotive Systems Kohler GmbH to the Hannover Finanz private equity group.

From AFX News Limited

WASHINGTON – Dura Automotive Systems announced Friday details associated with a previously announced restructuring that will move 2,000 jobs to low-cost countries.

In February, Dura announced plans to relocate 1,000 North American jobs to Mexico and 1,000 Western European jobs to Eastern Europe. According to a form filed with the Securities and Exchange Commission Friday, the company’s board of board of directors aims to spend less than $100 million to move the jobs. Additionally, the board approved an incentive plan that will pay retained employees a total of up to $952,480 to reach predetermined performance goals.

In the same filing, the Rochester Hills, Mich.-based auto parts maker announced it has fully divested its German unit Dura Automotive Systems Kohler GmbH to the Hannover Finanz private equity group. The German division employs about 255 people and generated $58.2 million in revenue last year. Dura announced the divestiture in February.

Shares of Dura rose 2 cents, or 7.7 percent, to close at 28 cents on the Nasdaq. They have traded between 26 cents and $4.31 over the past year.