ACCO BRANDS Corp (ACCO): restructuring charge — ACCO Brands to close Sidney NY facility, record $9M restructuring charge in Q4 2023

ACCO BRANDS Corp

Plan to close Sidney, NY facility affecting ~300 employees; manufacturing outsourced, distribution moved to Booneville, MS.
Pre-tax restructuring charge of ~$9M in Q4 2023 for employee termination costs; additional $2M in 2024.
Total cash expenditures expected to be $13M ($7M in 2024, $6M in 2025); no estimate for sale proceeds.
Annualized cost savings of ~$12M expected when fully realized in calendar year 2025.

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

ACCO BRANDS Corp announced a restructuring with charges of approximately $9 million affecting dated and planning products business (approximately 300 employees).

Type: restructuring
Charge: approximately $9 million
Affected area: dated and planning products business
Headcount: approximately 300 employees

Exact text from the filing

300 employees that will be impacted by the Plan. The Company expects to record a pre-tax restructuring charge for the period ending December 31, 2023 of approximately $9 million representing employee termination and benefit costs. We expect to record additional restructuring charges of $2 million during 2024 relating to the wind-up activities at Sidney.

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6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

ACCO BRANDS Corp filing history →

Source: SEC EDGAR

accession 0000950170-23-071922

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