Interco to Close Two Florsheim Shoe Plants
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ST. LOUIS — Interco Inc. announced that as part of its corporate restructuring plan, the Florsheim Shoe Co. division will close plants in Paducah, Ky., and Hermann, Mo.
The company said the Paducah plant will close Feb. 10, and the Hermann plant will close Feb. 24.
The moves will result in direct cost savings of more than $2 million annually, Interco said. A total of 650 jobs will be affected, a spokesman said, as production from the plants is reassigned to Florsheim’s remaining four domestic plants.
The restructuring was made necessary to head off a $2.7-billion hostile takeover of Interco by Cardinal Acquisition Corp., headed by brothers Steven M. and Mitchell P. Rales of Washington.
No further plant closings in the Florsheim division are anticipated, Interco said.
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