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KN > SEC Filings for KN > Form 8-K on 3-Apr-2014All Recent SEC Filings

Show all filings for KNOWLES CORP

Form 8-K for KNOWLES CORP


3-Apr-2014

Costs Associated with Exit or Disposal Activities


Item 2.05. Costs Associated With Exit or Disposal Activities.

On April 1, 2014, the Board of Directors of Knowles Corporation (the "Company") authorized the closure of the Company's Vienna, Austria manufacturing facility. The closure is expected to be substantially completed by mid-year 2014, and savings are expected to be realized beginning in the fourth quarter of 2014. The closure is part of the Company's previously-announced plan to consolidate its manufacturing footprint, and is expected to contribute to the previously-announced target of $40 million to $50 million in annualized cost savings. Production at the Vienna facility will be transferred to the Company's Asian facilities, while research and development and advanced process manufacturing capabilities will be maintained in Vienna.

Pre-tax charges associated with the closure of the Vienna facility are estimated to be $72 million to $77 million. Of this total amount, $40 million to $45 million relates to non-cash asset impairment charges and approximately $26 million (inclusive of an existing $6 million statutory accrual) relates to employee redundancy costs, primarily severance and pension costs. The balance relates to other costs associated with the closure, including production transfer costs. Approximately $32 million of the $72 million to $77 million in pre-tax charges is expected to result in future cash expenditures. The Company expects that the majority of the charges associated with the closure of the Vienna facility will be recorded in the second quarter of 2014.


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