Medical device maker Micro Therapeutics Inc. plans to consolidate its global manufacturing into a single plant at its Irvine headquarters.
The company, which makes minimally invasive devices for the diagnosis and treatment of clogged arteries and other vascular disorders, is set to close a plant in Bochum, Germany.
Micro Therapeutics said it gave notice of termination to 60 German workers as a result of the move.
The company expects to record a charge of $2.5 million to $3.5 million for the fourth quarter. Results are due out in coming weeks.
The estimated charge includes $1.8 million to $2.5 million for worker severances, contract terminations and non-cash charges of $700,000 to $1 million related to loss of assets at the German plant.
In other news, the company said Harold Hurwitz had resigned as chief financial officer “to pursue other opportunities,” according to a regulatory filing. Micro Therapeutics said Hurwitz signed a consulting agreement with the device maker that ends in 2006.
