Brief: Proto Labs - On May 27, Board Approved A Plan For Closure Of Co's Manufacturing Facility In Japan

Proto Labs

31/05/2022 12:46

May 31 (Reuters) - Proto Labs Inc  PRLB.N :
    * PROTO LABS - ON MAY 27, BOARD APPROVED A PLAN FOR CLOSURE
OF
CO'S MANUFACTURING FACILITY IN JAPAN AND AN INTENTION TO CEASE
OPERATIONS IN REGION
    * PROTO LABS INC - AFFECTED EMPLOYEES IN JAPAN WILL RECEIVE
SEVERANCE AND OTHER TRANSITION ASSISTANCE THAT MEET OR EXCEED
LOCAL REQUIREMENTS
    * PROTO LABS INC - EXPECTS TO SUBSTANTIALLY COMPLETE CLOSURE
PLAN
WITHIN NEXT YEAR
    * PROTO LABS INC - APPROVED PLAN IS EXPECTED TO LEAD TO
TOTAL
RESTRUCTURING CHARGES IN RANGE OF $7.0 MILLION TO $9.5 MILLION
    * PROTO LABS INC - EXPECTS TO INCUR APPROXIMATELY $4.0
MILLION OF
TOTAL RESTRUCTURING CHARGE IN Q2 OF 2022
    * PROTO LABS INC - TOTAL CASH EXPENDITURES ASSOCIATED WITH
PLAN
ARE EXPECTED TO BE IN RANGE OF $3.0 MILLION TO $4.0 MILLION

Source: [https://bit.ly/3ab79Lx]
Further company coverage:  PRLB.N