Intermec (IN) Unveils Restructuring Plan: Cutting 7% of Workforce, Sees Annual Cost Savings of $19-$21M
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Intermec, Inc. (NYSE: IN), today announced a corporate restructuring plan to better align its cost structure with its current and anticipated needs by lowering costs primarily in North America and Europe. The restructuring plan seeks to lower the company’s general and administrative and support costs while limiting the impact on research and development and global sales operations, especially in higher growth regions such as Asia, Latin America, Middle East and Eastern Europe.
The company expects to eliminate approximately 170 positions or 7% of its global workforce and will record total one-time employee separation expenses and related costs of approximately $8 million to $9 million on a pre-tax basis. Approximately $6 million to $7 million of these restructuring costs will be recorded in the second quarter of 2012. The company anticipates that the restructuring will generate annual cost savings of approximately $19 million to $21 million.
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The company expects to eliminate approximately 170 positions or 7% of its global workforce and will record total one-time employee separation expenses and related costs of approximately $8 million to $9 million on a pre-tax basis. Approximately $6 million to $7 million of these restructuring costs will be recorded in the second quarter of 2012. The company anticipates that the restructuring will generate annual cost savings of approximately $19 million to $21 million.
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