Brief: Fathom Digital Manufacturing Board Approves Reorganization Plan

Fathom Digital Manufacturing

13/07/2022 22:15

July 13 (Reuters) - Fathom Digital Manufacturing Corp
 FATH.N :
    * FATHOM DIGITAL MANUFACTURING - ON JULY 7, 2022, BOARD
APPROVED
REORGANIZATION PLAN
    * FATHOM DIGITAL MANUFACTURING CORP -  TO CONSOLIDATE
LEADERSHIP
AND OTHER ROLES THROUGH A NET WORKFORCE REDUCTION OF
APPROXIMATELY 6%
    * FATHOM DIGITAL MANUFACTURING CORP -  APPROVED PLAN IS
EXPECTED
TO ACHIEVE ABOUT $5.5 MILLION IN NET PRE-TAX ANNUALIZED COST
SAVINGS UPON COMPLETION
    * FATHOM DIGITAL MANUFACTURING -  SAVINGS FOR CURRENT FISCAL
YEAR
ARE EXPECTED TO BE LIMITED AS PLAN IS IMPLEMENTED OVER REMAINDER
OF 2022 AND INTO 2023
    * FATHOM DIGITAL MANUFACTURING -  UNDER REORGANIZATION,
INTENDS TO
CONSOLIDATE EXISTING FACILITY IN OAKLAND, CA INTO FATHOM
HEADQUARTERS IN HARTLAND, WI
    * FATHOM DIGITAL MANUFACTURING CORP - EXPECTS TO INCUR
PRE-TAX
RESTRUCTURING CHARGES RELATED TO REORGANIZATION ACTIVITIES
TOTALING ABOUT $2.0 MILLION
    * FATHOM DIGITAL MANUFACTURING -  ANTICIPATES REORGANIZATION
INITIATIVE WILL BE SUBSTANTIALLY COMPLETE BY THE END Q2 OF 2023
    * FATHOM DIGITAL MANUFACTURING CORP - TOTAL CASH
EXPENDITURES
ASSOCIATED WITH REORGANIZATION PLAN ARE EXPECTED TO BE $1.7
MILLION

Source text: (https://bit.ly/3IyDFoh)
Further company coverage:  FATH.N 

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