Tuesday, June 03, 2008

Winnebago falls after saying it will close plant

Winnebago Industries Inc. fell to a new 52-week low Tuesday after the motor home manufacturer said it would close an Iowa plant, leading to the elimination of 270 jobs.

Late Monday, Winnebago said its Charles City facility will close in August, with work being transferred to its Forest City, Iowa, plant in the fourth quarter.

Company officials blamed rising fuel prices, a difficult lending environment and low consumer confidence for a decrease in motor home demand. The industry has seen a double-digit retail sales decline for seven of the last eight straight months.

Chairman Bob Olson said in a statement that the plant could reopen at a later time if manufacturing capacity increases in the future.
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