CLEVELAND (AP) -- Ferro Corp., which makes materials used in the manufacturing of electronics and other industries, said on Thursday that it would consolidate operations from its Castanheira, Portugal, dinnerware ceramics facility to its plant in Almazora, Spain.
The company also said it will move plastics manufacturing from Portugal to Almazora. The company expects 125 jobs to be eliminated in Portugal by the time the moves are completed in August.
The company said it will continue to make some metal oxides in Portugal.
Ferro said it expects charges of about $14 million during the six months ending on June 30, including $8 million in severance, $3.4 million in asset writeoffs, and $1.4 million in dismantling costs. It expects the moves to save it about $5 million per year in pre-tax expenses.
Ferro shares rose 31 cents, or 3.7 percent, to close at $8.75.
