Brief: Interface Says New Restructuring Plan Involves Reduction Of About 200 Positions Globally

Interface

03/01/2019 21:39

Jan 3 (Reuters) - Interface Inc  TILE.O :
    * INTERFACE INC - ON DECEMBER 28, CO COMMITTED TO A NEW
RESTRUCTURING PLAN
    * INTERFACE INC - RESTRUCTURING PLAN INVOLVES REDUCTION OF
ABOUT
200 POSITIONS GLOBALLY
    * INTERFACE INC - AS RESULT OF RESTRUCTURING PLAN EXPECTS TO
INCUR
PRE-TAX RESTRUCTURING & ASSET IMPAIRMENT CHARGE IN Q4 OF 2018 OF
ABOUT $22.0 MILLION
    * INTERFACE INC - RESTRUCTURING PLAN IS EXPECTED TO BE
SUBSTANTIALLY COMPLETE IN FIRST HALF OF 2019
    * INTERFACE INC - RESTRUCTURING PLAN EXPECTED TO YIELD GROSS
ANNUAL SAVINGS OF APPROXIMATELY $12.5 MILLION
    * INTERFACE INC - RESTRUCTURING PLAN INVOLVES WRITE-DOWN OF
CERTAIN OBSOLETE, UNDERUTILIZED & IMPAIRED INFORMATION
TECHNOLOGY AND MANUFACTURING ASSETS

Source text: (https://bit.ly/2C3kFw2)
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