Noranda Aluminum to lay off 89 workers Nashville Business Journal - by Brian Reisinger Staff Writer
* Noranda won't be foiled by aluminum industry woes * Noranda sees revenue decline, prepares for IPO * Century Aluminum divests some assets * Noranda battered in 4th quarter * CFO Anderson retires from Noranda
A Franklin aluminum producer is eliminating 89 jobs in 2010, hoping to save between $8 million and $10 million annually.
Noranda Aluminum Holding Corp. announced the reduction in its annual earnings statement, which also reported an overall profit amid “adverse market conditions.” The reduction will impact Noranda’s U.S. work force through voluntary retirement and terminations, according to the company.
“Noranda remains committed to its strategy to improve productivity and grow its business,” Kip Smith, president and CEO, said in the report.
He said the reductions and associated restructuring will reduce costs and conserve company liquidity. Robert Mahoney, chief financial officer, declined to comment further.
The reduction comes as Noranda made an overall profit, despite continued challenges. The company made $101.4 million in 2009, compared to a 2008 loss of about $74 million.
That profit was the result of debt reduction and other measures, after the company’s actual operations saw a loss of about $150 million, according to the earnings report.
