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September 17, 2012
06:47 EDTKITDKIT digital announces restructuring of the company with workforce reductions
KIT digital announced the implementation of significant workforce reductions pursuant to the restructuring program announced earlier this year. This phase will right size its operation and streamline general corporate functions. The majority of the expense reductions will arise from non-core areas and general and administrative redundancies. Upon completion of the reductions being announced, one substantial component of the entire program, the company's restructuring program will have achieved a net reduction in workforce of approximately 300 employees, or 22% of its total headcount. The associated savings from employee related expenses will be approximately $40M on an annualized basis. This total excludes additional savings from divestitures, which occurred during the second quarter. The company's actions pursuant to this restructuring plan will take place primarily during the third quarter and will be completed by the end of calendar year 2012. The company currently estimates that it will record a restructuring expense in the third quarter of approximately $4M consisting primarily of one-time termination benefits of which the majority will be paid prior to the end of calendar year 2012.
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