Stocks

Company news: Prism Johnson Ltd

| Updated on March 02, 2020

The board of Spectrum Johnson Tiles Private Ltd, joint venture of Prism Johnson Ltd, has decided to permanently close its wall manufacturing plant with capacity of 5 MSM per annum from March 1, due to an aging unviable plant. The kiln for the manufacturing of wall tiles was commissioned in FY-2001 with second-hand machinery and was associated with the H&R Johnson (India) division of the company from FY-2007. The unit contributed to approximately 3 per cent of the total turnover of HRJ consolidated sales. Adequate cost-effective arrangements have already been made for transition to outsourced vendors so that there is full continuity with better profitability and no impact on sales, it said in a release to the stock exchanges. With this, the overall capacity of HRJ, a division of Prism Johnson, along-with its joint ventures and subsidiaries, would stand reduced to 63 MSM per annum. Shares of Prism Johnson closed one per cent lower at ₹59.80 on the BSE.

Published on March 02, 2020

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