Brief: KVH Industries Expects To Reduce Headcount By About 75 Employees, Or About 20% Of Total Workforce

KVH Industries

13/02/2024 11:26

Feb 13 (Reuters) - KVH Industries Inc  KVHI.O :
    * KVH INDUSTRIES INC - COMPANY EXPECTS TO REDUCE ITS
HEADCOUNT BY
APPROXIMATELY 75 EMPLOYEES, OR APPROXIMATELY 20% OF ITS TOTAL
WORKFORCE
    * KVH INDUSTRIES- ABOUT ONE-THIRD OF EMPLOYEE TERMINATIONS
WILL
TAKE PLACE BY MID-MARCH, REMAINING TERMINATIONS EXPECTED TO BE
COMPLETED BY END OF Q2
    * KVH INDUSTRIES INC - EXPECTS TO INCUR AGGREGATE SEVERANCE
CHARGES OF ABOUT $3.3 MILLION
    * KVH INDUSTRIES -  EXPECTS TO CONTINUE PRODUCT
MANUFACTURING
ACTIVITIES FOR ABOUT FOUR MONTHS TO GENERATE TARGETED AMOUNT OF
INVENTORY
    * KVH INDUSTRIES INC - CEASE SUBSTANTIALLY ALL MANUFACTURING
ACTIVITY AT THE MIDDLETOWN FACILITY BY THE END OF THE SECOND
QUARTER OF 2024
    * KVH INDUSTRIES- INCREASE NON-CASH PROVISION FOR EXCESS/
OBSOLETE
INVENTORY, INCLUDING EXCESS RAW MATERIALS. SEES INCREASE OF
$4MLN - $6 MILLION
    * KVH INDUSTRIES-  ON FEB 9, AS PART OF RESTRUCTURING, BOARD
VOTED
TO APPOINT ANTHONY PIKE TO SERVE AS CO’S CHIEF FINANCIAL
OFFICER, EFFECTIVE APRIL 1

Source text for Eikon:  ID:n0001007587-24-000001 
Further company coverage:  KVHI.O 

 ((Reuters.Briefs@thomsonreuters.com;))