HNI Plans To Close Its Hickory, North Carolina, Manufacturing Plant During H1 Of 2025
Portfolio Pulse from Benzinga Newsdesk
HNI plans to close its Hickory, North Carolina, manufacturing plant during the first half of 2025, consolidating production into other North American facilities. The consolidation is expected to save approximately $11 million annually by 2026, with savings of $8 to $9 million in 2025. Pre-tax earnings will be impacted by an estimated $10.3 million in 2024 and 2025, including $1.5 million of non-cash charges.
May 20, 2024 | 8:31 pm
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HNI plans to close its Hickory, NC plant in H1 2025, consolidating production to save $11M annually by 2026. Pre-tax earnings will be impacted by $10.3M in 2024-2025, including $1.5M of non-cash charges.
The closure and consolidation are expected to result in significant cost savings, which is positive for HNI's long-term financial health. However, the short-term impact includes charges that will affect pre-tax earnings in 2024 and 2025.
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