Albany Molecular Research (AMRI) Announces Euticals Acquisition-Related Restructuring Plan
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Albany Molecular Research (NASDAQ: AMRI) disclosed the following on Monday:
Item 2.05 Costs Associated with Exit or Disposal Activities.
On August 29, 2016, Albany Molecular Research, Inc. (the “Company”) announced a restructuring plan with respect to certain operations in the United States and Europe, in connection with its previously announced acquisition of Prime European Therapeuticals S.p.A – Euticals (“Euticals”). Under the restructuring plan, the Company expects that it will incur certain one-time cash and non-cash charges related to a reduction in force and other transition activities between $5.7 and $7.3 million. This includes non-cash fixed asset impairment charges of approximately $0.06 million relating to the closure of a Euticals site and non-cash share-based compensation modification charges of approximately $0.16 million. Cash charges will consist of $5.5 - $7.1 million of employee and other related costs and will primarily be paid during the second half of 2016. The Company expects the majority of these charges to be recorded in the second half of 2016.
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