NEW YORK (AP) -- Electronic components maker Bel Fuse Inc. said Thursday it will cease manufacturing operations at its Bel Power Inc. facility in Westborough, Mass., by January 2009 to reduce costs and enhance its competitive position.
The closure resulted from a drop in low-volume orders, which the facility was designed to produce.
Bel expects to lay off about 50 employees over the next few months.
Impairment charges, which are required to be recorded by Sept. 30, are yet to be finalized.
Shares rose 12 cents to $28.22 in midday trading.