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ITRI > SEC Filings for ITRI > Form 8-K on 12-Sep-2013All Recent SEC Filings

Show all filings for ITRON INC /WA/

Form 8-K for ITRON INC /WA/


12-Sep-2013

Costs Associated with Exit or Disposal Activities


Item 2.05 Costs Associated with Exit or Disposal Activities.

On September 10, 2013, Itron, Inc.'s (Itron's or the Company's) senior management approved projects to restructure the Company's operations to improve profitability and increase efficiencies. The Company estimates net annualized cost savings of approximately $30 million as the result of these actions.

Itron is implementing projects to reduce headcount across all functions throughout the Company and to close or consolidate several facilities. Overall, Itron plans to reduce its workforce by approximately 750 positions, or 9%. Based on the anticipated project timing, we expect to complete approximately 60% of the reductions by the end of 2013. Substantially all of the actions will be completed by June 2014.

Itron estimates a pre-tax restructuring charge of $30 to $35 million, substantially all of which will be incurred in the third quarter of 2013. Of the total estimated charge, approximately 95% will result in cash expenditures, primarily for severance costs, and the remainder will be non-cash items, related to facility exit costs.

Certain projects are subject to a variety of labor and employment laws, rules, and regulations which could result in implementation delays at some locations.

An FAQ document, which has been posted to Itron's Investor website (investors.itron.com), is attached hereto as Exhibit 99.1.

The information presented in this Current Report on Form 8-K contains forward-looking statements and certain assumptions upon which such forward-looking statements are in part based. Numerous important factors, including those factors identified in Itron, Inc.'s Annual Report on Form 10-K and other of the Company's filings with the Securities and Exchange Commission, and the fact that the assumptions set forth in this Current Report on Form 8-K could prove incorrect, could cause actual results to differ materially from those contained in such forward-looking statements.

Item 9.01           Financial Statements and Exhibits.

(d)      Exhibits.

Exhibit
Number    Description

99.1      Itron Restructure FAQ dated September 12, 2013.


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