Restructuring Costs

6 Months Ended

Jun. 29, 2019

Restructuring Costs [Abstract]

Restructuring Costs

Note I – Restructuring Costs

The Company has consolidated the Composites Group by relocating the Composite Panels Technologies Division based in Salisbury, North Carolina to the Canadian Commercial Vehicle Division located in Kelowna, British Columbia.    Non-recurring costs incurred in the second quarter and first six months of 2019 were $0.2 million and $1.0 million, respectively, which include the write off of inventory $0.5 million, fixed assets $0.3 million, moving costs $0.1 million, severance $0.1 million and lease termination costs.  The facility was closed in April of 2019.

During the second quarter of 2019, the Company discontinued the Velvac Road IQ development operations based in Bellingham, Washington.  Non-recurring costs related to the discontinuation of this operation in the second quarter and the first six months of 2019 were $3.7 million in total, which included the write-off of fixed assets $0.2 million, inventory $0.6 million, intangible assets $2.4 million, severance $0.2 million, lease termination costs $0.3 million, and other non-recurring operating expenses.  These costs were partially offset by the reversal of a $2.1 million contingent liability the Company established with the acquisition of Velvac in April of 2017 which was no longer applicable at June 29, 2019, resulting in a net charge to earnings of $1.6 million.