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GY > SEC Filings for GY > Form 8-K on 4-Feb-2014All Recent SEC Filings

Show all filings for GENCORP INC

Form 8-K for GENCORP INC


4-Feb-2014

Costs Associated with Exit or Disposal Activities


Item 2.05. Costs Associated with Exit or Disposal Activities.

On January 30, 2014, GenCorp Inc. (the "Company") began providing notices to employees whose employment may be terminated as part of a cost reduction plan (the "Restructuring Plan") . The Restructuring Plan contemplates the reduction of the Company's overall headcount. If the Restructuring Plan is implemented as proposed, the workforce reduction would affect up to approximately 5% or 225 employees, and is expected to be completed by the end of March 2014. In connection with such implementation, the Company expects to incur costs of approximately $15.7 million, consisting of costs for severance, employee-related benefits and other associated expenses. The Restructuring Plan and the foregoing figures are the Company's estimates and are subject to change.

FORWARD-LOOKING STATEMENTS

Certain statements in Item 2.05 of this Current Report on Form 8-K are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks, uncertainties and other factors. The Company's actual future performance may differ materially from such expectations as a result of important risk factors, which include, in addition to those identified in the Company's Form 10-K for the year ended November 30, 2012 and its other filings with the Securities and Exchange Commission, the Company's ability to implement the Restructuring Plan, including the results or effects of the Company's complying with and undertaking, or its noncompliance with, any necessary individual and collective employee information and consultation obligations; the timing of implementing the Restructuring Plan and the impact of the Restructuring Plan on the Company's operating cost structure; and the risk that costs related to the Restructuring Plan may be higher than estimated. These risks and uncertainties could cause actual results to differ materially from those referred to in these forward-looking statements. The Company does not undertake an obligation to update or revise any forward-looking statements.

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