KAMAN Corp: restructuring charge — Kaman closes Orlando facility by 2024; expects $8-10M restructuring charges, $12-15M annual savings

KAMAN Corp

Orlando, FL manufacturing facility to permanently close by end of 2024; JPF production consolidates to Middletown, CT.
Pre-tax restructuring charges estimated at $8-10M, ~$8M in net cash payments; annualized run-rate cost savings of $12-15M.
Goodwill of $41.4M associated with KPP-Orlando reporting unit may be impaired based on quantitative assessment.
Company continues portfolio reshaping; plans to provide annualized cost savings estimate and update in early Q1 2023.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

KAMAN Corp announced a restructuring with charges of approximately $8 to $10 million affecting Orlando, Florida, manufacturing facility.

Type: restructuring
Charge: approximately $8 to $10 million
Affected area: Orlando, Florida, manufacturing facility

Exact text from the filing

Although the final cost of the Restructuring will not be known until all restructuring activities have been completed, the Company currently expects to incur approximately $8 to $10 million in total pre-tax restructuring charges, approximately $8 million of which are expected to be attributable to net cash payments relating to various personnel and

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Source: SEC EDGAR

accession 0000054381-22-000069

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