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January 11, 2013
16:43 EDTMLNKModusLink to reduce employee costs 13%-16%
The company plans to reduce total annualized employee costs by $20M-$24M, or by 13%-16%, with the majority of the reductions being implemented in the first half of fiscal 2013. This includes actions taken in the first quarter of fiscal 2013, which have reduced total annualized employee costs by $7.3M. In the full year fiscal 2013, the company expects to record between $13M-$16M of restructuring costs associated with cost reduction actions. As part of these cost reduction actions, ModusLink is consolidating its business unit structure and centralizing key functions. The company has combined its Integrated Service Group, which includes Aftermarket Services and e-Business solutions, with its Supply Chain operations. This consolidation enables ModusLink to centralize key functions where such resources were previously organized regionally or for a specific facility. These actions are expected to result in improved efficiencies and cost reduction.
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