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May 28, 2014
14:34 EDTGBGreatbatch to enhance vascular and portable medical manufacturing operations
In a regulatory filing from earlier, Greatbatch disclosed that on May 28, Greatbatch announced a plan to enhance its vascular and portable medical manufacturing operations as part of the company’s overall strategic objective to achieve profitable growth. Under this plan, functions currently performed at the company’s facility in Plymouth, Minnesota to manufacture catheters and introducers would transfer into the company’s existing facility in Tijuana, Mexico by the first half of 2016. Furthermore, functions currently performed at the company’s facilities in Beaverton, Oregon and Raynham, Massachusetts to manufacture products for the portable medical market will transfer to a new facility in Tijuana, Mexico by the end of 2015. Products currently manufactured at the Beaverton facility which do not serve the portable medical market are planned to transfer to the company’s Raynham facility. In connection with this plan, the company expects to incur restructuring charges between $17M and $22M over the next two years. These charges are expected to include one-time severance and termination benefits between $6M and $8M, accelerated depreciation and asset write-offs between $1.5M and $2M, and costs to relocate certain equipment and other personnel, disposal and restructuring charges between $9.5M and $12M. All expenses are expected to be cash expenditures, except accelerated depreciation and asset write-offs. The total capital investment expected for these initiatives is between $17M and $19M. Once these transfers are completed, the company anticipates annual cost savings in the range of $15M to $17M.
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