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December 11, 2012
08:16 EDTSMTSMART Technologies announces corporate restructuring
SMART Technologies announced a corporate restructuring that will sharpen focus on each of its target markets in Education and Enterprise while simultaneously streamlining its corporate support functions. The restructuring will realign the organization into two business units as part of a plan that will reshape the company to improve efficiency, innovation and customer experience. The estimated financial impact is an annualized pre-tax cost savings of approximately $40M once fully implemented by Q4 ending March 31, 2013. As part of the restructuring, SMART will reduce its workforce by approximately 25% during Q3 and Q4. One-time charges associated with the restructuring are currently under review and additional details will be provided when SMART reports its Q3 financial results.
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