Symmetry Medical’s (NYSE:SMA) said it plans to close a plant in Cheltenham, England, this year, meaning layoffs for 40 workers there.
The Warsaw, Ind.-based medical device company said the plant makes medical instruments.
The $4 million in revenues the plant put up during fiscal 2013 weren’t enough to keep it from posting an operating loss, according to a regulatory filing.
Closing the plant is expected to cost $2 million before taxes, but will save an estimated $1 million a year "on an ongoing basis," Symmetry said.
"The company remains in consultation with customers and employees regarding specific timing and process to ensure that customer needs are met and employees are properly provided with opportunities to remain through the closing process," Symmetry said in the filing.