The value of micro cap stock for Xerium Technologies, Inc. (NYSE:XRM) rose during trading on Tuesday, as the company benefited from news that it was realigning several key components of its business in France and Argentina.
According to a release, several of the facilities in Argentina will see the bulk of operations transferred to sites in Brazil, while key components of a French production facility will be moved to different factories in Italy and Germany.
"Any action of this nature is taken only after much deliberation. This action helps align our rolls and press felt capacity with current and future market demands," said Stephen R. Light, the company's chief executive officer. "With these actions, Xerium will maintain its leadership position in the global paper industry with state of the art facilities strategically located in North and South America, Europe and Asia."
This move came just weeks after the company announced it had not made any finalized plans regarding potential rumors that restructuring would be taking place in an effort to consolidate operations, according to RTTNews.
The value of micro cap stock for the company rose $0.28 to $3.30 at 10:28 a.m. on July 3, an increase of 9.2 percent.
