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Farrel Feels Pinch
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Business New Haven
4/16/2001
By: BNH
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ANSONIA - Farrel Corp. (NASDAQ: FARL) has cut 56 jobs, or 13 percent of its workforce, after reporting a 13.7-percent plunge in sales for calendar 2000. Farrel posted a net loss of $983,000 (19 cents per share) on sales of $64.2 million for the year, compared to net income of $1.8 million (32 cents per share) on sales of $74.4 million for 1999. (Results for 1999 include a net after-tax gain of $1.1 million on the sale of excess real estate in Derby).
Farrel Chairman and CEO Rolf K. Liebergesell explained that the financial results reflected a $10 million decline in European sales due to weak market conditions in Europe and the strength of the U.S. dollar and British pound vs. the Euro which provides advantages to competitors in the Euro zone.
“Management is focused on cutting costs in order to maximize its operating results,” Liebergesell said. “The company believes that its product quality and strong customer-service capabilities provide it with competitive advantages which the company is utilizing to manage through the difficult market conditions it is facing.''
Farrel designs and manufacturers machinery used to process rubber and plastic materials.
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