Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
AMRI > SEC Filings for AMRI > Form 8-K on 22-Dec-2011All Recent SEC Filings




Costs Associated with Exit or Disposal Activities, Regulation FD Di

Item 2.05 Costs Associated with Exit or Disposal Activities

On December 20, 2011, Albany Molecular Research, Inc. (the "Company") approved a restructuring plan which includes actions taken in the fourth quarter of 2011 to reduce the Company's workforce, right size capacity, and reduce operating costs in 2012. These actions will better align the business to current and expected market conditions and are expected to improve the Company's overall cost competitiveness and increase cash flow generation.

The workforce reduction primarily affects personnel based in the Company's U.S. operations and includes certain positions associated with the Company's previously announced elimination of all internal R&D activities. As a result of the workforce reduction, the Company will be terminating the lease of one of its U.S. facilities which will result in a reduction in annual operating expenses related to this facility. The Company expects that these cost reduction initiatives will result in annual savings of approximately $10 - $11 million, including $7 million relating to the previously announced cessation of R&D activities and that these savings will begin to be recognized in the first quarter of 2012.

In connection with the actions, the Company expects to incur pre-tax charges of approximately $5.0-$5.5 million for lease termination costs and approximately $0.5 million for employee related costs. Lease termination costs primarily consists of a non-cash charge to write-off fixed assets in association with the Company's plans to consolidate operations. The Company expects these charges to be recorded in the fourth quarter of 2011.

Item 7.01 Regulation FD Disclosure

On December 22, 2011, the Company issued a press release announcing its restructuring plan. A copy of the press release is attached hereto and furnished herewith as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press release dated December 22, 2011

  Add AMRI to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for AMRI - All Recent SEC Filings
Copyright © 2016 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.