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| GB > SEC Filings for GB > Form 8-K on 31-Oct-2008 | All Recent SEC Filings |
31-Oct-2008
Costs Associated with Exit or Disposal Activities, Financial Statements and Exhi
As part of its continuing efforts to decrease its cost structure and improve manufacturing efficiencies, on October 28, 2008, management of Greatbatch, Inc. (the "Company") approved a plan for the closure of its Teterboro New Jersey, Blaine Minnesota and Exton Pennsylvania facilities. The operations at these facilities will be moved to existing facilities of the Company with excess capacity. On October 31, 2008, the Company issued a press release to announce its consolidation plans. A copy of the press release is attached as Exhibit 99.1.
The total cost for these facility consolidations is estimated to be between $5.7 million and $7.0 million. The major categories of costs include the following:
a. Severance and retention - $2.1 million to $2.5 million;
b. Production inefficiencies and revalidation - $0.3 million to $0.5 million;
c. Accelerated depreciation and asset write-offs - $1.5 million to $1.7 million;
d. Personnel - $1.2 million to $1.4 million; and
e. Other - $0.6 million to $0.9 million.
All categories of costs are considered to be cash expenditures, except accelerated depreciation and asset write-offs.
(d) Exhibits
99.1 Press Release dated October 31, 2008.
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