Brief: Kimball International Inc approves a restructuring plan which reduces the plane fleet from two jets to one

Kimball International

14/11/2014 21:23

Nov 14 (Reuters) - Kimball International Inc  KBAL.O : 
 * On November 14, 2014, Kimball International Inc approved a restructuring plan 
   which reduces the co plane fleet from two jets to one 
 * Plan reduces co's cost structure while aligning plane fleet size with needs 
   of co following spin-off of Kimball Electronics 
 * Anticipates annual pre-tax savings of $0.8 million, with those savings 
   starting in the company's Q3 of fiscal year 2015 
 * International-estimates total pre-tax restructuring charges associated with 
   plan will be about $1.4 million expected to be recorded in Q2 2015 
 * Total restructuring charges expected to consist of $6.0 million of 
   transition, training, and other employee costs 
 * Restructuring charge to consist of about $1.1 million of asset 
   impairment,selling costs,$0.3 million of transition,employee cost 
 * Total restructuring charges expected to also consist of $3 million of plant 
   closure costs, $1.3 million asset impairment costs 
 * When consolidation activities are fully implemented, co anticipates total 
   pre-tax savings of about $5.8 million per year thereafter 
 * International-estimates total pre-tax restructuring charges related to 
   aircraft and facility consolidation activities to be about $10.3 million 
 
 * Source text for Eikon  ID:nEOLbSSCyK  
 
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