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GB > SEC Filings for GB > Form 8-K on 5-Jun-2013All Recent SEC Filings

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Costs Associated with Exit or Disposal Activities, Change in Directors or Princi

Item 2.05. Costs Associated with Exit or Disposal Activities

On June 5, 2013, Greatbatch, Inc. (the "Company") announced a realignment of its operating structure to optimize its continued focus on profitable growth. The move realigns the current sales & marketing and operations organizations of Greatbatch Medical and Electrochem Solutions, unifying them within the Company. This reflects the Company's progression from strictly a developer of components and sub-assemblies to an organization capable of developing complete medical devices for its OEM customers.

Under the realignment, the Company expects to incur restructuring charges through the end of 2014 estimated to be between $4.2 and $5.0 million. These charges will consist primarily of cash expenditures. The major types of costs to be incurred and an estimate of the range of amounts expected to be incurred are as follows: severance and termination benefits, $2.9 to $3.2 million; and travel, recruiting and relocation, $1.3 to $1.8 million. When fully implemented, the realignment is expected to result in annual savings of approximately $7.0 to $7.7 million.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

In connection with the realignment, the Company has appointed Mauricio Arellano as the Company's Executive Vice President for Global Operations. He had been serving as President of the Company's Greatbatch Medical business. In connection with his appointment as Global Operations Officer, Mr. Arellano will continue to receive his current compensation and benefits.

The Company also has appointed Susan M. Bratton as the Company's Executive Vice President for Business Development. She had been serving as President of the Company's Electrochem business. In connection with her appointment as the Company's Business Development Officer, Ms. Bratton will continue to receive her current compensation and benefits.

Item 8.01. Other Events.

On June 5, 2013, the Company also announced the appointment of Andrew Holman as the Company's Executive Vice President, Global Sales & Marketing. In that position, Mr. Holman will provide strategic guidance and leadership to the Company's commercial operations, including its sales, marketing and product development activities.

On June 5, 2013, the Company also announced the appointment of George Cintra as the Company's Senior Vice President and Chief Technology Officer. As Chief Technology Officer, Mr. Cintra will lead the Company's research and development activities, providing strategic guidance and technical leadership to the Company's business segments.

A copy of the press release announcing the realignment is attached as exhibit 99.1 to this report.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release dated June 5, 2013.

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