MYRTLE BEACH,AVX Corp. (NYSE: AVX) says it has decided to close its ferrite factory in Taiwan, where approximately 100 people currently work.
Ferrites are magnetic compounds used to make computer memory, among other things.
The plant closure is expected to be completed during the next few months and related severance costs and asset impairment charges are estimated at between $5 and $6 million, the company reports.
AVX reported a loss of $77 million, or 44 cents a share, in its last quarter after charges for other facility closings and a write down on tantalum, a hard ductile metal used for wire.
Headquartered in Myrtle Beach, AVX is an international manufacturer and supplier of a broad line of passive electronic components and related products.
AVX Corp.: www.avxcorp.com
