Wind power bearings business to shut plant

Kaydon Corp. (NYSE: KDN), a manufacturer of wind energy bearings, has said it will close its South Carolina plant and record a charge of $47 million to $52 million due to the impending expiration of the Production Tax Credit and market conditions.

“While we believe that wind energy will be a viable market in the long term, it will be challenged by continued regulatory uncertainty in the United States, including the impending expiration of the Production Tax Credit, and a weak global economy in the immediate future,” said James O’Leary, Chairman and Chief Executive Officer.

The company will shut one of its three plants in Sumter, S.C. The closure of this facility and transfer of its production will commence in 2012 and is expected to conclude in 2013.

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