STRATFORD-UPON-AVON, England (Dec. 7)—Avon Rubber P.L.C., coming off an up year but facing "challenging markets" in the future, will undertake some as-yet undefined restructuring measures in the coming few months that management expect will pay dividends in the second half and beyond.
For the fiscal year ended Oct. 31, Avon Rubber reported modest gains in operating and net earnings, but sales dropped 3.7 percent to $443.8 million despite solid gains in North America.
Avon did not go into specifics on the restructuring, other than to say it would involve some rationalization of facilities, particularly in the European automotive components area. In addition, Avon will consolidate its military respiratory protection business into a Protection Division to be headed by Jonty Palmer, who will join Avon Jan. 1 from PricewaterhouseCoopers, where he has consulted following a career in the British Army.
Avon also said it will operate its various automotive units as a single division and develop more specialty product business areas.