Gardner Denver (GDI) Announces Restructuring
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Gardner Denver (NYSE: GDI) today announced a restructuring initiative to optimize its global manufacturing footprint, reduce costs and expand margins. These initiatives, which focus primarily on its European Industrial Products Group, will consolidate manufacturing facilities and reduce associated staffing levels to increase operational efficiency and provide additional resources to invest in profitable growth. In connection with today's announcement, the Company also confirmed its prior earnings guidance for full-year 2012.
Gardner Denver expects to begin implementing its restructuring plan over the next several months and intends to conclude these initiatives by the end of 2015.
In total, these initiatives are expected to generate annualized, pre-tax cost savings of $35-$40 million by 2016, with $10-$15 million expected to be achieved in 2013.
Gardner Denver expects to begin implementing its restructuring plan over the next several months and intends to conclude these initiatives by the end of 2015.
In total, these initiatives are expected to generate annualized, pre-tax cost savings of $35-$40 million by 2016, with $10-$15 million expected to be achieved in 2013.
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