Fathom Digital Manufacturing Corp: restructuring charge — Fathom expands restructuring plan; expects $2.6M in charges, $19.5M annual savings

Fathom Digital Manufacturing Corp

Expanded Optimization Plan includes closing Texas facility and additional 14% workforce reduction.
Total pre-tax restructuring charges now estimated at $2.6M, up from $2.0M originally.
Expected net pre-tax annualized cost savings increased to $19.5M from $5.5M.
Cash expenditures for the plan expected to be ~$1.6M; implementation substantially complete by Q2 2023.
Charges include $1.0M termination benefits, $1.0M equipment/inventory write-offs, $0.3M lease termination, $0.3M moving costs.

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

Fathom Digital Manufacturing Corp announced a restructuring with charges of approximately $2.6 million affecting Texas location (reducing the Company's workforce by an additional 14%).

Type: restructuring
Charge: approximately $2.6 million
Affected area: Texas location
Headcount: reducing the Company's workforce by an additional 14%

Exact text from the filing

On February 17, 2023, the Company committed to additional actions to continue and expand the Optimization Plan. These additional actions include closing and consolidating a location in Texas, reducing the Company's workforce by an additional 14%, and prioritizing investments and operations in line with near-term revenue generation. For committed restructuring activities under the expanded Optimization Plan, the Company now expects to incur total pre-tax restructuring charges of approximately $2.6 million

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Source: SEC EDGAR

accession 0000950170-23-004256

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