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FORM > SEC Filings for FORM > Form 8-K on 27-Jan-2014All Recent SEC Filings

Show all filings for FORMFACTOR INC



Costs Associated with Exit or Disposal Activities, Financial Statements and Exhibi

Item 2.05. Costs Associated with Exit or Disposal Activities

On January 27, 2014, FormFactor, Inc. announced a global organizational restructuring and cost reduction plan. As part of the plan, the company will eliminate approximately 61 positions, or 6% of its workforce, and expects to realize about US$1M in savings in fiscal Q1 2014 (not including restructuring charges), and about US$2M in savings per quarter beginning in fiscal Q2 of 2014. The restructuring and cost reduction plan is the next step being undertaken by the Company to realize further synergies from the acquisition of Astria Semiconductor Holdings, Inc., including its wholly-owned subsidiary MicroProbe, Inc. The actions are intended to improve the Company's efficiency and effectiveness while positioning the Company for profitability in fiscal 2014. FormFactor expects to incur approximately $1.2M in charges related to employee termination, the majority of which the company will record in Q1 of fiscal 2014, when the activities comprising the plan are expected to be substantially completed.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Number                Description
99.01     Press release dated January 27, 2014

The information in this report and the accompanying exhibit shall not be incorporated by reference into any filing of FormFactor with the Securities and Exchange Commission, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing. The information in this report, including the accompanying exhibit, shall not be deemed to be "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

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