Rakon to shut UK plant in cost cutting drive, flags wider full-year loss

Wed, 15 Jan 2014

By Suze Metherell Jan. 16 (BusinessDesk) – Rakon, whose shares have halved in the past year, plans to close its UK factory as soon as this year, taking a provision that would widen its full-year loss. The maker of quartz crystals used in navigation systems and smart phones has advised workers at its Lincoln plant that it intends to close the facility, leaving only a research and development centre in the UK. A board review showed “duplicate overhead structures and manufacturing capability exists between the Lincoln and New Zealand operation...

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