Traeger to cut workforce to reduce costs, shares fall
20/07/2022 17:58
** Shares of wood pellet grill maker Traeger Inc COOK.N
fall as much as 4% to $3.88
** Traeger says its board has approved a planned reduction
in workforce to reduce the company's costs and drive long-term
operational efficiencies
** Co adds it is suspending operations of Traeger Provisions
and postponing nearshoring efforts to manufacture product in
Mexico urn:newsml:reuters.com:*:nNDL8M7Cj5
** Adds that these actions are expected to be substantially
completed by Q3 2022
** Co expects pre-tax charges of about $3.9 mln to $4.3 mln
related to severance, termination and suspending operations of
Traeger Provisions
** Pre-tax charges related to postponing plans to
manufacture product in Mexico is expected to be about $2.1 mln
-$2.7 mln
** Stock has fallen ~67% this year
(Reporting by Ananya Mariam Rajesh in Bengaluru)
((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))