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TEL > SEC Filings for TEL > Form 8-K/A on 29-Apr-2013All Recent SEC Filings

Show all filings for TE CONNECTIVITY LTD. | Request a Trial to NEW EDGAR Online Pro



Results of Operations and Financial Condition, Costs Associated with Exit

Item 2.02. Results of Operations and Financial Condition

See restructuring charges reported under Item 2.05 below for the second quarter of fiscal 2013, which information is incorporated by reference in this Item 2.02.

Item 2.05. Costs Associated with Exit or Disposal Activities

On November 5, 2012, TE Connectivity Ltd. (the "Company") filed a Current Report on Form 8-K (as amended by Form 8-K/A filed on January 28, 2013) in which it disclosed planned restructuring actions. The Company is filing this Current Report on Form 8-K/A to amend the prior Current Reports to update its disclosure regarding planned restructuring actions.

On November 5, 2012, the Company announced in a Current Report on Form 8-K 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 disclosed in its amended Current Report on Form 8-K/A filed on January 28, 2013 revised expected restructuring charges and cash expenditures. The Company now expects to incur net restructuring charges of approximately $275 million during fiscal 2013, of which approximately $178 million was incurred during the first six months of fiscal 2013. The restructuring actions are associated with headcount reductions and manufacturing site closures impacting all segments. Cash spending related to restructuring was $72 million during the first six months of fiscal 2013. The Company expects total cash 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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