Bankrupt auto parts supplier Tower Automotive Inc. of Chicago has announced that it will phase out production at an aluminum foundry and mini-mill in Toronto by Aug. 31 to cut costs and improve efficiency, according to a Reuters news report.
Tower, an automotive frames producer that filed for bankruptcy in February 2005, says the closing will cost about $19.9 million, including $14.5 million for asset impairment charges and $4.3 million for employee costs.
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