ADTRAN Holdings, Inc. (ADTN): restructuring charge — ADTRAN to close Greifswald, Germany facility; expects $13.5M-$18.4M in costs

ADTRAN Holdings, Inc.

Facility closure part of previously announced Business Efficiency Program; to be completed by June 30, 2024.
Total estimated costs $13.5M-$18.4M, including $13.3M-$17.6M cash severance and outplacement, $0.7M-$1.3M lease exit, and $0.2M non-cash depreciation.
Cash payments expected to span into 2025; all charges incurred in fiscal 2024.
Management does not anticipate other charges or cash expenditures from the closure.

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

ADTRAN Holdings, Inc. announced a restructuring with charges of $13.5 million to $18.4 million affecting Greifswald, Germany facility.

Type: restructuring
Charge: $13.5 million to $18.4 million
Affected area: Greifswald, Germany facility

Exact text from the filing

management of the Company determined on April 11, 2024 to close the Company’s facility in Greifswald, Germany (the “Facility”), within the next three months. The Company currently expects to incur total costs ranging from approximately $13.5 million to $18.4 million in connection with the closure of the facility.

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ADTRAN Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-24-045151

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