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February 7, 2013
16:31 EDTSXTSensient says initiating broad strategic and restructuring plan in Q1
The company said it is initiating a broad strategic and restructuring plan in the first quarter of 2013. One component of the plan will focus on relocating the Flavors & Fragrances Group headquarters, technical groups, and North American management to Chicago. The relocation of the Flavors & Fragrances Group headquarters will give the Company better access to its customers, improve its access to food industry talent, improve access to worldwide air service and allow it to showcase its broad product portfolio in a state-of-the-art facility. The Company expects to incur personnel and moving related costs between $12M-$14M over the next 12 to 18 months as a result of this relocation. This plan does not anticipate the relocation of the Indianapolis production site. The second component of the plan will generate operating efficiencies throughout the Company. The plan will reduce headcount and consolidate several facilities throughout Europe and North America. The Company expects to reduce its global headcount by more than 200 employees, and consolidate several manufacturing sites during the next twelve months. These changes will not impact the Company’s sales coverage, and will result in a more efficient utilization of our human and capital resources. The company said it expects to incur approximately $10M in one-time personnel related costs and $8M of one-time non-cash costs related to the write-down of assets and other costs during the next twelve months. The Company expects to reduce its annual operating costs by about $10M as a result of these changes.
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