Guilford to Move Some Operations to Mexico

Guilford Mills Inc., a fabric maker, will move some operations from two plants in Greensboro, N.C., to Tampico, Mexico, firing at least 400 people. The job cuts at the Fishman facility are about 8.3% of Guilford’s total U.S. work force. The company said increased competition from foreign companies, especially Asian ones, has compelled it to cut costs and move operations to Mexico. Guilford also reported a fiscal third-quarter loss of $2.6 million, or 14 cents a share, contrasted with net income of $931,000, or 4 cents, a year earlier, as revenue fell 2.9% to $211.7 million. Guilford shares fell $1.56 to close at $4 on the NYSE.