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SMA > SEC Filings for SMA > Form 8-K on 27-Feb-2014All Recent SEC Filings

Show all filings for SYMMETRY MEDICAL INC.

Form 8-K for SYMMETRY MEDICAL INC.


27-Feb-2014

Costs Associated with Exit or Disposal Activities


Item 2.05 Costs Associated with Exit or Disposal Activities.

On February 21, 2014, Symmetry Medical Inc. (the "Company") announced that the consultation proceedings begun with its employees on January 30, 2014 had concluded with an agreement that the facility in Cheltenham, United Kingdom should cease production within calendar 2014. The Cheltenham Plant is engaged primarily in the manufacture of medical instruments and employs approximately 40 people.

Fiscal 2013 revenue at the Cheltenham plant was approximately $4 million USD, and the plant generated an operating loss for the Company. The cost of closure is estimated to be approximately $2 million USD, pre-tax, and the ongoing savings are estimated to be approximately $1 million per year pre-tax on an ongoing basis. Closure will be by the end of 2014 and there is no benefit expected in this fiscal year.

The Company remains in consultation with customers and employees regarding specific timing and process to ensure that customer needs are met and employees are properly provided with opportunities to remain through the closing process.

Statements regarding the Company's business which are not historical facts may be "forward-looking statements" that involve risks and uncertainties, within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are predictive in nature and are frequently identified by the use of terms such as "may," "might," "will," "should," "expect," "believe," "anticipate," "plan," "estimate," "intend," and similar words indicating possible future expectations, events or actions. Such predictive statements are not guarantees of future performance, and actual outcomes and results could differ materially from our current expectations. We refer you to the "Risk Factors" and "Forward Looking-Statements" sections in the Company's most recent Annual Report on Form 10-K/A filed with the Securities and Exchange Commission as well as the Company's other filings with the SEC, which are available on the SEC's Web site at www.sec.gov.


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