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Indiana’s Symmetry Medical announces layoffs, factory closing as a result of weakened orthopedics market

In moves that Symmetry says will save $3.4 million annually, the company will close its Auburn, Maine, manufacturing plant and cut an unspecified number of its 2,500 worldwide employees.

WARSAW, Indiana — Two months after warning of slashing its 2009 profit and revenue outlook, orthopedics device maker Symmetry Medical Inc. announced plans to close a Maine factory and lay off an unspecified number of employees.

Citing reduced orders and a soft market for orthopedics, the publicly traded company in October cut its 2009 profit outlook by about 19 percent. Now, the company is feeling the effects of that reduced customer demand.

In moves that Symmetry says will save $3.4 million annually, the company will close its Auburn, Maine, manufacturing plant and cut an unspecified number of its 2,500 worldwide employees. A company spokesman said Symmetry would not release further details beyond what it specified in a statement.

“These decisions are difficult under any circumstances and we recognize the personal impact they have on those dedicated employees who have made contributions to the success of our business,” Chief Executive Brian Moore said in the statement.

The one-time cost of the moves is expected to total $2.2 million, according to the statement. Symmetry expects to complete a transfer of its equipment and machinery from the Maine factory to other existing facilities by the middle of next year.

In November, the company said its third-quarter revenue slid 22 percent to $87 million on reduced customer demand. Operating income fell 1 percent to $10.4 million.

Symmetry Medical sells  implants and related instruments, and cases to the orthopedic device industry. The company also makes these products for companies in other segments of the medical device market, including arthroscopy, dental, laparoscopy, osteobiologic and endoscopy. It also provides some specialized products and services to non-health care markets, such as the aerospace market.