Maytag Closing S.C. Plant

About 60 jobs will be affected.
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Maytag

(MYG)

expects to close its Florence, S.C., laundry plant, affecting 60 jobs.

"Closing a plant is never an easy decision," said Steve Ingham, Maytag senior vice president for supply chain. "Unfortunately, we have too much laundry manufacturing capacity and we need to reduce it."

Restructuring charges associated with the plant closing are expected to be in the range of $40 million-$50 million, primarily for asset writedowns and accelerated depreciation. The cash portion of these charges is expected to be $10 million related to severance and fulfilling purchase commitments.

On Monday, Maytag fell a nickel to $17.34.