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Nextron Closing Toronto Subsidiary
Nov 2002
MORGES, Switzerland, Nov. 11 -- Nextrom Holding SA, a Switzerland-based supplier of manufacturing solutions and services to the fiber optic industry, said it will close its Toronto subsidiary, Ceeco Machinery Manufacturing Ltd., which supplies rotating and twinning equipment to the cable industry. Nextrom said it has been seeking to divest the Ceeco business since 2000, when it decided to concentrate solely on its fiber optics-related activities.

Nextrom said it is also closing its sales offices in Sao Paolo, Brazil, and Manchester, England, and is investigating alternatives to reduce its investments in the photonics area. It also intends to complete the divestment of its rotating and twinning activity in Brazil.

These measures are the last part of the restructuring plan Nextron announced at the end of August.

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