Baldwin Piano to Shut Mississippi Plant, Cut 275 Jobs

[Billbrpt@AOL.COM]

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List,

This news from the stock market report:  Baldwin is cutting back.  A few days 
ago, it sold it's electronics division, now the following news.  In the past 
3 years, Baldwin's stock value has fallen steadily from $17 a share to about 
$2.

Baldwin Piano to Shut Mississippi Plant, Cut 275 Jobs

  
Mason, Ohio, Jan. 31 <A HREF="aol://4344:30.bloombrg.389091.602536905">(Bloomberg)</A> -- Baldwin Piano & Organ Co., the maker of 
keyboard musical instruments for more than 140 years, said it will cut 275 
jobs as it closes a Mississippi plant and contracts out production of 
components to other woodworking plants in the U.S. and overseas to trim 
costs. 

The closure of the Greenwood, Mississippi, plant by the middle of the year is 
expected to cut overhead costs and inventories, while generating annual 
pretax savings of more than $3 million, the Mason, Ohio-based company said in 
a statement. Baldwin will take a $2.5 million charge to close the plant, 
which it plans to sell. 

Baldwin, which makes instruments under brand names such as Baldwin, Wurlitzer 
and Chickering, has struggled as demand for pianos slackens, inventory levels 
remain high and less expensive Asian-made keyboards have flooded the U.S. 
market. 

Its shares fell 2 cents to $2.05 in trading on the Nasdaq Stock Market. They 
had fallen 76 percent in the past year. 

Jan/31/2001 16:18 ET 

Bill Bremmer RPT
Madison, Wisconsin

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