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KNL > SEC Filings for KNL > Form 8-K on 11-Dec-2013All Recent SEC Filings

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Form 8-K for KNOLL INC


Costs Associated with Exit or Disposal Activities

Item 2.05. Costs Associated with Exit or Disposal Activities

On December 5, 2013, Knoll, Inc. (the "Company") approved certain restructuring actions. These actions will result in restructuring charges of approximately $7.0 million in the fourth quarter of 2013. The initiatives relate primarily to:
(1) headcount reductions in Office manufacturing as part of the Company's previously announced strategic supply chain transformation activities; and (2) headcount reductions in the Europe business associated with factory overhead consolidations. All of these actions are expected to be complete by March 31, 2014.

The restructuring changes consist primarily of cash severance and employment termination related expenses. The charges break out among the described actions as follows:

Office Manufacturing: approximately $3.4 million Europe Business Consolidation: approximately $3.2 million Other Headcount Reductions: approximately $400,000

The Company expects annual savings of approximately $5.5 million in connection with these actions.

Certain statements made in this current report, including expected expenses and savings from the restructuring actions, may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Risks, uncertainties and other factors exist that may cause results to differ materially form those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described above include, without limitation, those factors described in the Company's annual report on Form 10-K for the year ended December 31, 2012. Any forward-looking statements speak only as of the date hereof and we undertake no obligation to update any such forward-looking statements.

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