FormFactor adopts restructuring plan with $8-10.5M charges; expects $3-4M annual savings

FORMFACTOR INC

Charges $8.0-$10.5M GAAP, including $1-1.5M inventory impairments, $3.5-4.5M contract/lease term costs, $2-2.5M facility exit costs, $1-2M severance.
$4.4M of charges expected in Q3 of current fiscal year.
Cash expenditures $6.5-8M; non-cash $1.5-2.5M.
Annual cost reduction of $3-4M once fully implemented; actions largely complete by end Dec 2022.
Consolidating manufacturing facilities for Probe Cards and Systems segments; relocating US locations to new Livermore factory and to Germany/Asia.

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