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PLXS > SEC Filings for PLXS > Form 8-K on 5-Feb-2014All Recent SEC Filings

Show all filings for PLEXUS CORP

Form 8-K for PLEXUS CORP


Costs Associated with Exit or Disposal Activities, Material Impairments, Regulation F

Item 2.05 Costs Associated with Exit or Disposal Activities.

Plexus Corp. ("Plexus" or the "Company") plans to close its manufacturing facility in Juarez, Mexico ("Juarez") as a result of ongoing challenges to securing sufficient business for this facility. This action was approved by management on February 4, 2014. Plexus expects to record approximately $5.5 to $7.5 million of restructuring charges as a result of this action by December 2014, comprised of approximately $2.5 to $3.1 million in cash payments for severance and retention bonuses, approximately $2.7 to $3.7 million of non-cash charges for the impairment of assets and approximately $0.3 to $0.7 million in cash payments for relocation and transition costs. The restructuring charges remain subject to additional analysis. An amendment will be filed to disclose any material changes.

The closure of the Juarez facility will affect approximately 250 employees. It is anticipated that existing business in Juarez will be transferred to the new Plexus facility currently under construction in Guadalajara, Mexico. Plexus currently expects the consolidation efforts in Guadalajara will be completed by December 2014.

Item 2.06 Material Impairments.

The restructuring actions discussed in Item 2.05 prompted an assessment of the future cash flows from operations in relation to the net book value of equipment and leasehold improvements at the Juarez facility. The assessment resulted in the determination that an asset write-down in the amount of $2.7 to $3.7 million would be recorded, as discussed above.

Item 7.01 Regulation FD Disclosure.

Plexus issued an announcement on its website, dated February 5, 2014, related to the matters described in the foregoing items. A copy of that announcement is furnished as Exhibit 99.1 hereto.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Announcement, dated February 5, 2014

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