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Quotes & Info
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| TEL > SEC Filings for TEL > Form 8-K/A on 28-Jan-2013 | All Recent SEC Filings |
28-Jan-2013
Results of Operations and Financial Condition, Costs Associated with Exit
See restructuring charges reported under Item 2.05 below for the first quarter of fiscal 2013, which information is incorporated by reference in this Item 2.02.
On November 5, 2012, TE Connectivity Ltd. (the "Company") filed a Current Report on Form 8-K in which it disclosed planned restructuring actions. The Company is filing this Current Report on Form 8-K/A to amend the prior Current Report to update its disclosure regarding planned restructuring actions.
On November 5, 2012, the Company announced in the prior Current Report its intent to initiate restructuring actions in response to the weaker than expected economic environment by consolidating manufacturing operations and instituting reductions in force that will impact all geographic regions, and that it expected to incur restructuring charges of approximately $200 million during fiscal 2013. The Company now expects to incur net restructuring charges of approximately $225 million during fiscal 2013, of which approximately $92 million was incurred during the first quarter of fiscal 2013. The restructuring actions are associated with headcount reductions across all segments, and manufacturing site closures primarily in the Consumer Solutions and Network Solutions segments. Cash spending related to restructuring was $23 million during the first quarter of fiscal 2013, and the Company expects total spending, which will be funded with cash from operations, to be approximately $180 million in fiscal 2013. Cash spending is primarily comprised of employee-related termination benefits.
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