Orchid Ceramics announces closing of its U.S. operation
Orchid Ceramics' parent company, Corona, based in Colombia, South America, has made the difficult decision to close Orchid Ceramics for several strategic reasons. Competitive challenges in the industry and opportunities available in developing countries, particularly in Colombia, coupled with the macroeconomic situation in the U.S.-- including the adverse movement of the exchange rate and intense price sensitivity -- has hindered consolidated profitability for Orchid Ceramics.
"We are disappointed and saddened to be making this announcement," said Kurt Graves, CEO of Orchid Ceramics. "We understand with the current economic situation it is a difficult but strategic decision for Corona to make. We want to assure our employees, vendors and distributors that this process will be handled sensitively, respectfully, and with full consideration of their needs."