Brief: FormFactor Inc Says On September 25, Adopted Restructuring Plans To Improve Business Effectiveness And Streamline Operations

FormFactor

29/09/2021 11:21

Sept 29 (Reuters) - FormFactor Inc  FORM.O :
    * FORMFACTOR INC -  ON SEPTEMBER 25, ADOPTED RESTRUCTURING
PLANS
TO IMPROVE BUSINESS EFFECTIVENESS AND STREAMLINE OPERATIONS
    * FORMFACTOR INC - CONSOLIDATING CERTAIN MANUFACTURING
FACILITIES
FOR BOTH PROBE CARDS SEGMENT AND SYSTEMS SEGMENT
    * FORMFACTOR INC - EXPECT ACTIONS DEFINED UNDER THESE PLANS
WILL
BE LARGELY COMPLETED BY END OF DECEMBER 2022
    * FORMFACTOR INC - ADDITIONALLY, WE ARE UNDERTAKING ACTIONS
TO
ADJUST CAPACITY FOR CERTAIN LEGACY AND ONGOING PRODUCT OFFERINGS
    * FORMFACTOR INC -  RESTRUCTURING INCLUDES PLANS TO
CONSOLIDATE OR
RELOCATE CERTAIN LEASED LOCATIONS IN UNITED STATES TO OTHER
LOCATIONS
    * FORMFACTOR INC - AS A RESULT OF LOCATION CHANGES,
INCURRED, OR
EXPECT TO INCUR, PERSONNEL RELATED COSTS TO SEVER, RELOCATE OR
RETAIN SELECT EMPLOYEES
    * FORMFACTOR INC - RESTRUCTURING PLANS EXPECTED TO RESULT IN
CO
RECORDING RESTRUCTURING CHARGES OF ABOUT $8.0 MILLION TO $10.5
MILLION ON A GAAP BASIS
    * FORMFACTOR INC - EXPECTS RESTRUCTURING AND OTHER RELATED
CHARGES
OF ABOUT $4.4 MILLION TO BE INCURRED IN Q3 OF CURRENT FISCAL
YEAR
    * FORMFACTOR INC - EXPECTS ABOUT $6.5 TO $8.0 MILLION OF
CHARGES
WILL RESULT IN FUTURE CASH EXPENDITURES AND ABOUT $1.5 TO $2.5
MILLION IN NON-CASH CHARGES
    * FORMFACTOR INC - FINANCIAL IMPACT OF ACTIONS EXPECTED TO
REDUCE
CO'S COST STRUCTURE BY ABOUT $3.0 TO $4.0 MILLION ON AN
ANNUALIZED BASIS ONCE IMPLEMENTED

Source: [ID: https://bit.ly/3icxB8X]
Further company coverage:  FORM.O 

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