According to a report in the Atlanta Business Chronicle, modular carpet manufacturer Interface Inc. said Tuesday it will restructure its global operations, cut 14 percent of its workforce and close a plant in response to slacking demand.
Atlanta-based Interface (NASDAQ: IFSIA), the maker of InterfaceFLOR, FLOR, Heuga and Bentley Prince Street carpet brands, said it would eliminate a total of 530 manufacturing, sales and administration positions and close its plant in Belleville, Canada. The number of layoffs that might occur, if any, in the Atlanta area was not disclosed in a Securities and Exchange Commission filing.
“Interface continues to be focused on reducing expenses, increasing operational efficiencies and generating cash for debt reduction,” Daniel T. Hendrix, Interface president and CEO said in a statement.
Interface’s stock price has dropped 73 percent from $17.43 a share Feb. 25 to $4.77 Dec. 30. The company said it expects to complete its restructuring plan by the end of the first quarter of 2009. Interface said it would realize a $30 million annual cost savings.
Interface also has manufacturing facilities in LaGrange and West Point, Ga., and in California, England, Northern Ireland, Australia, the Netherlands and Thailand, according to its 2007 annual report. The company has won awards for environmental stewardship for its modular product.