TR Fastenings' new national distribution centre to be completed in March
TR Fastenings, part of the Trifast group, will see its new national distribution centre completed by the end of March.
The group has its TR factory at Waterside Park, Goldshill Way, Tipton and an innovation centre there as well.
The 75,000 sq ft distribution centre is at Reedswood Park Road, Walsall.
Trifast has accelerated its recovery action plan, including a group restructuring programme to reduce operating cost through a 10 per cent cut in non-operational staff globally. This programme is expected to deliver additional annualised savings of about £3 million.
The group, which has its headquarters at Uckfield, Sussex, said in its third quarter it had seen volatile demand in a number of end market and geographic segments.
Performance in December was impacted by significantly lower than forecasted volumes in both its Asia operations and global distribution sales channel.
It expects challenging conditions to persist through to the end of the financial year.
Management have continued to focus on the operational improvement programme instigated in 2023 to drive improved efficiency and productivity.
The board expects that the group's results for the year to the end of March will be significantly below its previous expectations, with revised revenue at around £230 million.
In 2024 there has been a further slowdown in customer demand and volumes across the business and to an extent by macro-economic challenges and geopolitical events.
Trifast will provide more detail on the restructuring, strategic plans and progress at the time of the Group's annual results scheduled to be released in July.
