Covidien board approves restructuring plan Covidien disclosed in a filing that its board of directors approved a restructuring plan and delegated authority to the company's management to determine the detail of the initiatives which will comprise the plan. The plan was developed to continue to drive efficiencies and improve the company's cost structure and will focus on creating efficiencies. The company estimates that, in connection with implementing the restructuring program, it will record pre-tax charges of approximately $350M-$450M, most of which are expected to be incurred by the end of fiscal 2018. Savings from the restructuring program are targeted between $250M-$300M on an annualized basis once the program is fully implemented, with savings beginning in fiscal 2014 and accelerating in fiscal 2015. The company anticipates that a substantial portion of the actions will be completed by the end of fiscal 2018. Of this $350 million to $450 million, the Company estimates that approximately $100 million will be non-cash charges associated with facility closures and the remainder will relate primarily to severance and termination costs. Cash expenditures are expected to be in the range of $250 million to $350 million
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