LONDON (Sept. 24)—Tomkins P.L.C. is exiting the curved hose business in Europe, a move that will result in two Gates Corp. plants closing and a $37 million provision against earnings. The sector—coolant hose primarily—has too many suppliers, especially those with manufacturing sites in eastern Europe or the Far East, according to Richard Bell, president of Tomkins' Gates Corp. subsidiary that runs the factories. Workers at the two facilities in St. Just, Spain, and Nevers, France, were notified of the decision in July; St. Just could close within a year, Nevers in two to three years. The business generates about $23 million in sales, but was nearly $6 million in the red last year, according to Tomkins, which sought unsuccessfully to sell the units.
Tomkins to exit European curved hose business
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