Brief: KVH Industries Says Anthony Pike To Become Chief Financial Officer

KVH Industries

13/02/2024 12:38

Feb 13 (Reuters) - KVH Industries Inc  KVHI.O :
    * KVH INDUSTRIES INC - ANTHONY PIKE TO BECOME CHIEF
FINANCIAL
OFFICER
    * KVH INDUSTRIES INC -  WILL CONDUCT A STAGED AND ORDERLY
WIND
DOWN OF MANUFACTURING ACTIVITIES AT ITS MIDDLETOWN, RHODE
ISLAND, FACILITY
    * KVH INDUSTRIES INC: PLANS TO WIND DOWN ITS HARDWARE
MANUFACTURING OPERATIONS
    * KVH : PLANS TO MANUFACTURE ENOUGH MARITIME SATELLITE
CONNECTIVITY & SATELLITE TELEVISION TERMINALS NEEDED TO MEET
DEMAND FOR FORESEEABLE FUTURE
    * KVH : MAY EXPLORE OPPORTUNITIES TO OUTSOURCE MANUFACTURING
OF
ADDITIONAL EXISTING OR NEW PRODUCTS, IF THERE IS MARKET DEMAND
    * KVH : WILL CONTINUE TO CONDUCT ITS EQUIPMENT REPAIR &
REFURBISHMENTS, WAREHOUSING & SHIPPING & RECEIVING ACTIVITIES AT
MIDDLETOWN
    * KVH INDUSTRIES INC: EXPECTS TO REDUCE HEADCOUNT BY 75
EMPLOYEES,
OR APPROXIMATELY 20% OF ITS WORKFORCE
    * KVH INDUSTRIES INC: A THIRD OF REDUCTION IN PERSONNEL WILL
TAKE
PLACE BY MID-MARCH 2024, WITH BALANCE COMPLETED IN Q2 OF 2024
    * KVH INDUSTRIES INC: EXPECTS TO REALIZE ANNUALIZED COST
SAVINGS
OF APPROXIMATELY $9.3 MILLION FROM HEADCOUNT REDUCTIONS
    * KVH : ESTIMATES THAT IT WILL INCUR ABOUT $3.3 MILLION OF
PRE-TAX
CHARGES FOR SEVERANCE & OTHER COSTS RELATED TO RESTRUCTURING,
THROUGH Q2 OF 2024
    * KVH : FULL IMPACT OF COST SAVINGS SAVINGS TO BE REALIZED
IN 2025

Source text for Eikon:  ID:nGNX2ZtTgd 
Further company coverage:  KVHI.O 

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