LSI Industries closes one of its Woonsocket plants

WOONSOCKET – LSI Industries Inc. has sold two assets, including one of its manufacturing facilities here for $1 million, in an effort to streamline manufacturing operations and reduce costs, according to a company news release distributed on Oct. 8.
The Woonsocket sale happened on Sept. 25, although the company did not release the identity of the purchaser.
The company moved production from that facility to its remaining graphics facility in Woonsocket, as well as to its graphics facility in North Canton, Ohio. Cost savings from this sale is expected to be approximately $175,000, according to the company.
The release also stated that on Sept. 30, LSI sold all of the capital stock of LSI Saco Technologies Inc. for $1.93 million back to Fred Jalbout, Saco’s previous owner. The sale is expected to generate an annual cost savings of $600,000.
“During fiscal 2014 we instituted a program to find ways to reduce our manufacturing costs and increase profits. The now completed sales of Saco Technologies and the Woonsocket plant are two of the first actions to accomplish these goals. In the case of Saco Technologies, we felt we had completed the transition of learning the solid-state LED technology and related disciplines, which was the reason we acquired the business,” Robert J. Ready, executive chairman, said in a statement.
“Because we have unused capacity in our North Canton facility, it made economic sense to close one of our plants in Rhode Island and move those production requirements. Customers will receive the same level of service while we reduce overhead and improve profitability,” he continued.
The company manufactures LED lighting, outdoor lighting, indoor lighting and commercial lighting solutions.
An exact number of employees affected by the Woonsocket sale was not immediately available, nor was the total number of people employed by LSI in Woonsocket.

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