Greatbatch (GB) Announced Realignment, Adjusts Guidance
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Financial Fact:
Income before provision for income taxes: 8.72M
Today's EPS Names:
PMCB, PLCE, DOMO, More
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Greatbatch, Inc. (NYSE: GB) today announced a realignment of its operating structure to optimize its continued focus on profitable growth. Greatbatch Medical and Electrochem Solutions today operate independent operations and sales & marketing groups; those will now be combined into singular sales & marketing and operations groups serving the entire Greatbatch organization.
Four senior executives have been appointed to new positions in the company:
*Andrew Holman, formerly vice president, Global Sales & Marketing, Orthopaedic Product Development, Greatbatch Medical, is named executive vice president, Global Sales & Marketing, Greatbatch, Inc.;
*Mauricio Arellano, formerly president, Greatbatch Medical, is named executive vice president, Global Operations, Greatbatch, Inc.;
*Susan Bratton, formerly president, Electrochem Solutions, is named executive vice president, Business Development, Greatbatch, Inc.;
*And George Cintra, formerly vice president, Research Development and Engineering, Electrochem Solutions, is named senior vice president and chief technology officer, Greatbatch, Inc.
"We fully anticipate that this realignment will have a positive short-term and long term impact on our financial results. Under our plan, the Company expects to incur restructuring charges in the range of $4.2 to $5.0 million, which will include employee severance and termination benefits," said Greatbatch Senior Vice President and Chief Financial Officer Michael Dinkins. "When fully implemented, this plan is expected to result in annual savings of approximately $7.0 to $7.7 million. Based on the short-term impact of this realignment and our current view of the balance of the year's financial results, we are raising our adjusted diluted earnings per share guidance range to $2.00 to $2.05 per share from the previous range of $1.90 to $2.00 per share. These results exclude the impact of the restructuring charges mentioned above."
Four senior executives have been appointed to new positions in the company:
*Andrew Holman, formerly vice president, Global Sales & Marketing, Orthopaedic Product Development, Greatbatch Medical, is named executive vice president, Global Sales & Marketing, Greatbatch, Inc.;
*Mauricio Arellano, formerly president, Greatbatch Medical, is named executive vice president, Global Operations, Greatbatch, Inc.;
*Susan Bratton, formerly president, Electrochem Solutions, is named executive vice president, Business Development, Greatbatch, Inc.;
*And George Cintra, formerly vice president, Research Development and Engineering, Electrochem Solutions, is named senior vice president and chief technology officer, Greatbatch, Inc.
"We fully anticipate that this realignment will have a positive short-term and long term impact on our financial results. Under our plan, the Company expects to incur restructuring charges in the range of $4.2 to $5.0 million, which will include employee severance and termination benefits," said Greatbatch Senior Vice President and Chief Financial Officer Michael Dinkins. "When fully implemented, this plan is expected to result in annual savings of approximately $7.0 to $7.7 million. Based on the short-term impact of this realignment and our current view of the balance of the year's financial results, we are raising our adjusted diluted earnings per share guidance range to $2.00 to $2.05 per share from the previous range of $1.90 to $2.00 per share. These results exclude the impact of the restructuring charges mentioned above."
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