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December 6, 2012
05:55 EDTESE, ESEESCO Technologies management to meet with Oppenheimer
Meetings to be held in Seattle/Portland on December 12 hosted by Oppenheimer.
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October 8, 2015
16:24 EDTESEESCO Technologies sees 22c per share cost to restructuring actions in 2016
The 2016 restructuring actions include: Closing the Test business operating facilities located in Taufkirchen, Germany and Stevenage, England and consolidating their operations into other existing Test facilities; Eliminating certain underperforming product line offerings in Test, primarily related to lower margin international shielding end-markets; Reducing the Test business domestic headcount to further streamline operations; and, Within the USG segment, closing the Doble-Brazil operating office and consolidating Doble's South American sales and support activities into a lower cost operating structure, and rationalizing administrative costs at other operating locations. The costs to implement these actions in 2016 are expected to be approximately $9M, or 22c per share, and are expected to be incurred throughout the first half of the year as the actions are anticipated to be substantially complete by March 31, 2016. These costs will be specifically quantified and called out separately within the quarterly earnings reports in 2016. During implementation, the cost savings are expected to be greater than $6M in 2016, and when completed, annual and recurring cost savings of approximately $8M are projected in 2017 and beyond. The cost of these restructuring activities are expected to be recovered over the next 12 to 15 months.
16:20 EDTESEESCO Technologies announces restructuring actions
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