On March 20, Board Approved Plan To Reduce Costs and Implement Organizational Changes

Cimpress

23/03/2023 20:43

March 23 (Reuters) - Cimpress PLC  CMPR.O :
    * CIMPRESS PLC-ON MARCH 20, BOARD APPROVED PLAN TO REDUCE
COSTS
AND IMPLEMENT ORGANIZATIONAL CHANGES
    * CIMPRESS PLC-PLANS INCLUDE NET REDUCTION OF ABOUT 500 TEAM
MEMBERS FOCUSED ON VISTA BUSINESS AND CIMPRESS CENTRAL TEAMS
    * CIMPRESS PLC-MAJORITY OF THESE ROLE REDUCTIONS WERE
COMMUNICATED
ON MARCH 21, WITH REMAINDER EXPECTED TO BE COMPLETED BY JUNE 30,
2023
    * CIMPRESS PLC-IN TOTAL, EXPECTS PLANS TO GENERATE ABOUT
$100
MILLION IN ANNUALIZED PRE-TAX COST SAVINGS
    * CIMPRESS PLC-ESTIMATES WILL INCUR AN AGGREGATE PRE-TAX
RESTRUCTURING CHARGE OF ABOUT $25 MILLION TO $27 MILLION
    * CIMPRESS PLC-EXPECTS ABOUT $23 MILLION TO $26 MILLION OF
CASH
EXPENDITURES, WILL BE PRIMARILY PAID IN THIRD AND FOURTH
QUARTERS OF FISCAL YEAR 2023


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