Company news: Prism Johnson Ltd

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.